RNS Number : 7193S
Merit Group PLC
17 November 2021
 

17 November 2021

 

Merit Group plc

 

("Merit", the "Company" or the "Group")

 

New Performance Share Plan

 

Merit Group plc (AIM: MRIT), the data and intelligence business, today announces that it intends to introduce a new

 

The performance period for the Proposed Options will be three years, and except in regards to a change of control of the Company and in the case of good leavers, no Proposed Options may be exercised prior to the expiry of the performance period. The cost to Directors of the total number of Ordinary Shares issued on exercise of the Proposed Options, if the performance criterion is met, will be nil. In principle the number of Ordinary Shares to be granted to each employee under the PSP will not in value terms (based on the Starting Share Price) exceed 175 per cent. of the Director's base salary. The Company intends to establish an Employee Benefit Trust which the Company will commit to fund so that it can buy Ordinary Shares in the market to satisfy the exercise of the Proposed Options.

 

Each participating Director will commit to invest a minimum of 10% of the value of any Ordinary Shares subject to their Proposed Option (based on the Starting Share Price) in Ordinary Shares prior to vesting, and to be still holding those Ordinary Shares at the time of vesting of the Proposed Option.

 

 

Director

Position

Starting Share Price

Number of PSP Options proposed to be granted

David Beck

Chief Executive Officer

50.5 pence

762,376

Philip Machray

Chief Financial Officer

50.5 pence

658,415

 

For further information, please contact: 

 

Merit Group plc

Mark Smith - Non-Executive Chairman 

David Beck - CEO

www.meritgroupplc.com

 

 

020 7593 5500

 

Canaccord Genuity Limited (Nomad and Broker)

Bobbie Hilliam   

Georgina McCooke

 

020 7523 8150

 

 

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