Hostelworld Group PLC has announced the grant of nil-cost options over ordinary shares in the capital of the company to its Directors under the Long-Term Incentive Plan. Chief Executive Officer Gary Morrison was granted 328,202 options, while Chief Financial Officer Caroline Sherry received 174,665 options. The awards will vest in three years' time, subject to continued employment and the satisfaction of performance conditions.
The Notification of Dealing form provided in accordance with the requirements of the Market Abuse Regulation indicates that no consideration was paid for the grant of the awards. The relevant disclosures provided in accordance with the requirements of the UK version of the EU Market Abuse Regulation and Regulation (EU) No 596/2014 of the Parliament and of the Council of 16 April 2014 on market abuse have been outlined.
The details of the transaction include the description of the financial instrument, which is ordinary shares of €0.01 each, the nature of the transaction as the grant of nil-cost options to subscribe for ordinary shares in Hostelworld Group PLC, and the date of the transaction, which was 3 May 2024. The place of the transaction was outside a trading venue.
This announcement provides insight into the company's efforts to incentivize and retain its key management personnel through a long-term incentive plan, aligning their interests with those of the shareholders.