AFC Energy Plc has announced the granting of nominal cost options over 5,946,632 ordinary shares to certain executive directors, senior management, and employees under the Company's Performance Share Plan (PSP). The PSP aims to reward employees for delivering value for shareholders and incentivize them to work effectively together to achieve key corporate objectives. The options entitle the individuals to acquire ordinary shares subject to performance conditions and continued employment, with the vesting date set for May 2, 2027, or as soon as practicable after this date.
The performance testing relating to the awards will be split equally between an Absolute Total Shareholder Return (TSR) performance condition and a Relative TSR condition. Under the Absolute TSR condition, the Company's TSR over the three-year performance period will be calculated and tested against a threshold of 15% per annum. The Relative TSR condition will rank the Company's TSR against constituents of the Solactive Global Hydrogen Index. The notifications made in accordance with Article 19 of the UK Market Abuse Regulation have been provided.
The Chief Executive Officer, Adam Bond, has been granted 2,711,082 ordinary shares, while the Chief Financial Officer, Peter Dixon-Clarke, has been granted 1,238,592 ordinary shares. The Company's PSP aims to align the interests of the employees with those of the shareholders and to motivate the employees to contribute to the long-term success of the Company. For further information, contact details for AFC Energy plc and its advisors have been provided.