Redde Northgate plc has announced that its Chief Executive Officer, Martin Ward, and Chief Finance Officer, Philip Vincent, have each been awarded 154 ordinary shares of £0.50 in the company under the Share Incentive Plan. The shares were appropriated to the executive directors on October 2, 2023, and will be held on their behalf for at least three years. The details of the transaction, including the price and volume of the shares, are provided in the notification. The transaction took place outside of a trading venue.
This announcement highlights the company's commitment to incentivizing and rewarding its key executives. By awarding shares under the Share Incentive Plan, Redde Northgate aims to align the interests of its executive directors with those of the company and its shareholders. The shares will be held for a minimum of three years, indicating a long-term focus on driving value and performance.
The Share Incentive Plan is a mechanism through which eligible employees, including executive directors, can be awarded shares in the company. This serves as a form of remuneration and can provide additional motivation for executives to contribute to the company's success. The plan is subject to certain terms and conditions, ensuring that the shares are held for a specified period of time.
The notification provides the details of the transaction, including the names of the individuals involved, the position/status of each individual, and the nature of the transaction. It also includes the identification code for the company's shares and the aggregated information regarding the volume and price of the shares awarded.
Overall, this announcement reflects Redde Northgate's commitment to incentivizing and rewarding its executive directors through the Share Incentive Plan. By aligning the interests of its key executives with those of the company and its shareholders, the company aims to drive long-term value and performance.