Surface Transforms plc (LON:SCE) announced today that it has granted options over 2,965,000 new ordinary shares of 1 pence each in the Company (“Ordinary Shares”) under its existing share option scheme (the “Options”) to a director, 5 executives being “people with direct management responsibility” (PDMR) and 22 employees. The Options for the director and PDMRs have been granted as follows:
|
Director or PDMR |
Position |
Number of options granted |
Total options held following this grant |
|||
|
David Bundred |
Chairman |
450,000 |
1,000,000 |
|||
|
Michael Cunningham |
Finance Director |
990,000 |
990,000 |
|||
|
Geoff Whitfield |
Engineering Manager |
215,000 |
500,180 |
|||
|
Des Farrell |
Operations Manager |
300,000 |
500,000 |
|||
|
Michael Sinai |
European Sales Manager |
250,000 |
350,000 |
|||
|
Kerry Wood |
Quality Manager |
200,000 |
200,000 |
The Options are exercisable at a price of 15.25 pence per share being the closing share price on 3 January 2018
The vesting of the Options for the director and PDMRs is conditional on the continued employment of the option holder as well as the satisfaction of certain financial and non-financial performance conditions. The Options will vest in one-third tranches upon the Company being awarded a contract on a track car from a mainstream volume OEM, being awarded a contract for a volume road car from a mainstream volume OEM and/or generating revenue in a financial year of not less than £5 million.
The vesting of the options for the 22 employees are over three years for middle managers or after six months satisfactory service for junior employess, both are dependent on continung employment of the option holder
Details of the Surface Transforms plc director’s resultant holdings of Ordinary Shares and options over Ordinary Shares are as follows:
|
Name |
Total No. of Options |
No. of Existing Ordinary Shares |
|
David Bundred |
1,000,000
|
894,641 |
