LONDON - Focusrite PLC (AIM:TUNE), a global music and audio products company, has granted share options to key management personnel under its Performance Share Plan, the company announced on Wednesday. CEO Tim Carroll and CFO Sally McKone are among the executives who received the awards, which are subject to performance conditions and ongoing employment.
Carroll was awarded options over 113,428 ordinary shares as 'performance share awards' and 56,714 shares as 'restricted share awards.' Similarly, McKone received options for 80,719 shares under the performance category and 40,359 shares as restricted awards. These options were granted at a nominal cost of £0.001 per share.
The performance share awards will vest in April 2028, contingent upon the company's adjusted earnings per share growth from September 1, 2024, to February 29, 2028. The restricted share awards are also set to vest in April 2028, with additional assessment criteria to be disclosed in the company's Directors' Remuneration Report for the financial period ending February 28, 2026.
Once vested, these options will remain exercisable until the tenth anniversary of the grant date, with specific provisions for U.S. taxed grantees. The transactions took place outside a trading venue on December 4, 2024.
The granting of options is a common practice for companies to incentivize their management teams, aligning the interests of executives with those of shareholders. Focusrite's move reflects its commitment to retaining and motivating its top executives through long-term performance-based rewards.
This announcement is based on a press release statement and provides information in accordance with the UK Market Abuse Regulation.
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