1 June 2017
Itaconix plc ("Itaconix" or “the Group”)
Award under Long Term Incentive Plan
Itaconix (AIM: ITX) announces the grant of awards under the Itaconix plc Long Term Incentive Plan ("LTIP") to its executive directors Kevin Matthews and Robin Cridland.
The LTIP was adopted by the board of directors of Itaconix (the “Board”) on 29 June 2012 and its Remuneration Committee has approved the following grants on 31 May 2017:
- To the CEO Kevin Matthews a nil cost option over 1,402,340 ordinary shares
- To the CFO Robin Cridland a nil cost option over 863,830 ordinary shares.
The vesting date of these awards is 31 May 2020, and they only become exercisable if the following share price performance conditions are met: 50% of the grant becomes exercisable if the weighted average ordinary share price in the 180-day period ending on the vesting date is £0.40 or above. Between weighted average ordinary share prices of £0.40 and £0.55, vesting shall be pro-rata and on a straight-line basis between 50% and 100%. Below £0.40 the grants are not exercisable and lapse in full. LTIP awards with the same performance conditions were also granted to senior management over 1,412,329 ordinary shares.
Also on 31 May 2017, the executive directors Kevin Matthews and Robin Cridland surrendered the LTIP awards granted on 30 April 2015 over 567,568 and 349,550 ordinary shares respectively.
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail.
For full release, please download full news release.
