DP Poland PLC New Incentive Share Plan (3633A)
December 22 2014 - 2:00AM
UK Regulatory
TIDMDPP
RNS Number : 3633A
DP Poland PLC
22 December 2014
DP Poland PLC
("DP Poland" or the "Company")
New Incentive Share Plan
DP Poland announces that it has introduced a new incentive share
option plan (the âEURœPlanâEUR) to strengthen its ability to
attract and retain key senior executives through ensuring
participants receive competitive incentives which align their
interests with those of the Company's shareholders.Following
adoption of the Plan, option awards were granted on Friday over a
total of 7,367,851 ordinary shares of the Company (âEURœOrdinary
SharesâEUR), which include options over a total of 3,172,576
Ordinary Shares granted under the Enterprise Management Incentives
(âEURœEMIâEUR) appendix to the Plan. Further details of these
awards are set out below.
Further participation in the Planwill be at the discretion of
the Remuneration Committee. The intention is for awards to eligible
employees to be based on a percentage of the participant's base
annual salary at the date the recommendation is made. Awards will
be in the form of options to acquire Ordinary Shares granted either
by the Company or by the trustee of the DP Poland plc Employee
Benefit Trust. Awards of options will specify a minimum period
before which the options may not be exercised and will also specify
one or more performance targets that must be satisfied in order for
the options to become exercisable. Such performance targets will be
set on the recommendation of the Remuneration Committee.
The Plan includes provisions for the lapse of the options in the
case of any participant who ceases to be employed by the Company or
its subsidiaries, except in certain circumstances or if in any
individual circumstances, the Remuneration Committee decides
otherwise. In the event of a takeover offer for the Company,
options will be exercisable within such reasonable period as may be
specified by the Remuneration Committee for that purpose, ending
immediately before the relevant offeror acquires control of the
Company or as may be otherwise permitted by the Plan, subject
always to any relevant performance targets having been met. The
decision as to whether, and to what extent, performance targets
have been met will be for the Remuneration Committee to decide.
In the case of EMI option awards, such awards are required
additionally to comply with the requirements of Schedule 5 to the
Income Tax (Earnings and Pensions) Act 2003.
The price at which options may be exercised will be specified at
the time of award, but will not in the case of new Ordinary Shares
be less than the nominal value of 0.5p per share.
No award of options which is to be satisfied by the issue or
transfer out of treasury of Ordinary Shares will be made if, on the
relevant date, the number of Ordinary Shares to which the award
relates together with:-
(a) those Ordinary Shares issued, or transferred out of
treasury, on the exercise of options granted, or in satisfaction of
any other awards made, under the Plan or any other share incentive
scheme, in the shorter of (i) the ten years ending on (and
including) such date; and (ii) the period since the date of
adoption of the Plan; and
(b) those Ordinary Shares which remain capable of issue, or
transfer out of treasury, under any existing options at such
date,
would exceed 10% of the issued share capital of the Company at
the date of the award.
The following awards were granted on Friday pursuant to the
Plan, in each case at an exercise price of 0.5p per share:-
Executive Number of Ordinary
Shares
over which awards
granted
Peter Shaw (EMI options) 3,172,576
Peter Shaw 577,424
Maciej Jania 2,437,175
Tomasz Lachowski 1,180,676
The Remuneration Committee has set the following performance
targets, which it believes are appropriate and challenging targets
for the executive management team of a company in the early stages
of development:
1. Store trading performance in the year to 31(st) December 2016
and number of stores subfranchised by that date - 40% of the total
award
2. The CompanyâEUR(TM)s share price during the three months to
31(st) December 2016 - 40% of the total award
3. Control of central costs over the three years to 31(st)
December 2016 - 20% of the total award.
For further information please contact:-
Enquiries:
DP Poland PLC
Nick Donaldson, Chairman
www.dppoland.com 07799 654188
Peel Hunt LLP
Dan Webster/Richard Brown 020 7418 8900
This information is provided by RNS
The company news service from the London Stock Exchange
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