Surface Transforms plc Grant of Options

Surface Transforms plc

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:

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Name

Total No. of Options

No. of Existing Ordinary Shares

David Bundred

1,000,000

 

894,641

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Surface Transforms plc

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