Craneware plc has announced the grant of Long Term Incentive Plan (LTIP) awards to three Directors of the Company and the Chief Legal Officer. The awards consist of conditional share awards and were granted under the terms of the Craneware plc LTIP. The number of shares granted to each individual and their respective percentage of issued share capital are as follows: Keith Neilson (43,320 shares, 0.12% of issued share capital), Craig Preston (32,200 shares, 0.09% of issued share capital), Isabel Urquhart (22,133 shares, 0.06% of issued share capital), and Eric Carter (17,918 shares, 0.05% of issued share capital).
The awards will vest after three years subject to certain performance conditions and the award holders' continued employment. The performance conditions include the Company's total shareholder return (TSR) performance relative to the performance of companies within the FTSE AIM 100 Index, as well as compound annual growth in adjusted diluted earnings per share. The performance conditions will be measured over three financial years ending on June 30, 2024, June 30, 2025, and June 30, 2026. Any tranche that does not meet the performance criteria will lapse.
If the LTIP awards vest, the resulting shares will be subject to a two-year holding period. The awards were granted without consideration, and no consideration will be payable by the award holders to receive the shares if they vest.
The notification and public disclosure of these transactions by persons discharging managerial responsibilities (PDMRs) were also provided. Keith Neilson, CEO of Craneware plc, and Craig Preston, CFO of Craneware plc, both received conditional share awards under the LTIP. The details of the transactions, including the financial instrument, nature of the transaction, and date of the transaction, were disclosed for each PDMR.
Overall, Craneware plc has granted LTIP awards to its Directors and Chief Legal Officer, subject to performance conditions and continued employment. The awards will vest after three years, and the resulting shares will be subject to a two-year holding period.