Surface Transforms plc (LON: SCE) announced today that it has granted options over 500,000 new ordinary shares of 1 pence each in the Company under its existing share option scheme to 9 employees, none of whom are directors or PDMRs.
The Options are exercisable at a price of 23.5 pence per Ordinary Share being the closing share price on 4th December 2019.
The vesting of the Options for these employees is conditional on the continued employment of the option holder. For managers there are certain additional vesting criteria based on both financial and non-financial performance conditions with one-third tranches vesting upon:
- production cell OEM1 meeting certain internal production criteria;
- Surface Transforms achieving a certain target cost for the manufacture of a carbon ceramic disc; and
- the Company generating revenue in a financial year of not less than £5m.
For non-manager employees, the Options vest after two years.