Ceres Power Holdings plc has announced the grant of LTIP share options under the Long Term Incentive Plan to several Persons Discharging Managerial Responsibilities (PDMRs). The LTIP share options are in respect of the company's ordinary shares of 10 pence each and have a nominal value exercise price. The vesting of the options is conditional upon achieving certain challenging share price and commercial targets over their three-year performance period, with a further two-year holding period in addition to the three-year vesting period applying to these awards.
The LTIP share options were granted to PDMRs including Philip Caldwell, Chief Executive Officer; Eric Lakin, Chief Financial Officer; Anthony Cochrane, Chief Commercial Officer; Caroline Hargrove, Chief Technology Officer; Mark Garrett, Chief Operating Officer; Michelle Traynor, Chief People Officer; Mark Selby, Chief Growth Officer; and Deborah Grimason, General Counsel & Company Secretary. Each PDMR was granted a specific number of share options based on their position within the company.
The notification of dealing forms for each PDMR have been provided in accordance with the requirements of the UK Market Abuse Regulation. The forms detail the name of the PDMR, the reason for the notification, the details of the issuer, and the specific details of the transaction, including the description of the financial instrument, nature of the transaction, price, volume, aggregate information, date of the transaction, and place of the transaction.
The LTIP share options are designed to incentivize and reward the PDMRs for their contributions to the company's performance and growth over the specified performance period. This aligns the interests of the PDMRs with those of the shareholders and aims to drive the company's long-term success.