Filtronic PLC, a company specializing in products for aerospace, defense, telecoms infrastructure, space, and critical communications markets, has announced the granting of new share options to its Chief Executive Officer, Nat Edington. The options were granted under the existing Filtronic PLC Employee Share Option Plan 2020 and are a key component of the offer package to attract Mr. Edington to join the company.
The vesting of these options is contingent on achieving specific performance criteria related to share price growth and adjusted EBITDA over a three-year period. The Options will fully vest if the share price grows by 2.25 times the share price on the date immediately prior to grant. The exercise price for the Options is 17.25 pence per share, and they will lapse on the tenth anniversary of the date of grant.
The Remuneration Committee keeps the ESOP scheme under regular review, and the timing of grant award varies depending on previous issues of share options to directors and employees. The details of the PDMR dealing have been provided in accordance with the Market Abuse Regulation (EU) No 596/2014.
This announcement provides insight into the company's approach to incentivizing and retaining key personnel, shedding light on the specific terms and conditions of the share options granted to the CEO.