LONDON - Frontier IP Group plc (AIM:FIPP), a company specializing in the commercialization of intellectual property, has announced the granting of options over 1,000,403 ordinary shares to certain executive directors and personnel. The options, granted on Thursday, are part of the company's long-term incentive plan (LTIP) and company share option plan (CSOP).
The majority of the options, totaling 889,775, were granted under the LTIP, with an exercise price of 10 pence per share. These are structured as nominal cost options and will be exercisable between December 19, 2027, and December 18, 2034. The remaining 110,628 options were granted under the CSOP at an exercise price of 28 pence per share, equivalent to the closing mid-market price of an existing ordinary share on the business day prior to the grant date. These too are exercisable within the same period as the LTIP options.
The LTIP, approved by shareholders at the annual general meeting on December 9, 2022, is designed to reward performance based on net asset value per share and total shareholder return over three financial years. The plan includes a limit of 15% of issued share capital at the time of grant on the number of shares issued or transferred out of treasury over a ten-year period, with an individual grant limit of 200% of salary in any financial year.
Following the grants, Frontier IP now has 6,284,134 options outstanding, representing 9.12% of the company's total issued share capital. This figure includes new ordinary shares to be admitted to trading on AIM around December 23, 2024.
CEO Neil Crabb now holds a total of 1,407,237 options, COO Jackie McKay holds 1,010,229, CFO Joanne Stent holds 305,076, and Chief Commercialisation Officer Matthew White holds 799,818. The remaining options have been granted to other company personnel.
Frontier IP states that the options have been granted in line with the company's remuneration policy, which aims to attract and retain top talent in support of the group's strategy. The company's approach to intellectual property commercialization involves taking an active role in spin-out companies and seeking early-stage industry partnerships to ensure technology meets market demands.
This announcement is based on a press release statement from Frontier IP Group plc.
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