LONDON - Rosslyn Data Technologies plc (AIM: RDT), a cloud-based enterprise spend intelligence platform provider, has announced a significant alteration to its employee share options scheme. Following a board review, the company has cancelled a set of previously granted options and concurrently issued new ones, including to key management personnel.
The changes, effective from Monday, were prompted by a reassessment of the incentive program by the company's Remuneration Committee. The committee concluded that the existing share options did not constitute a reasonable incentive anymore, given the current share price and increased share capital post a recent fundraising event.
On Monday, Rosslyn cancelled 1,615,824 historic options, including those held by CEO Paul Watts and CFO Ed Riddell. Subsequently, the company granted new options totaling 9,553,772 ordinary shares. This grant includes 4,899,371 options to Watts and 2,449,686 to Riddell, with an exercise price of 5.0p. These options are to vest over three years on the anniversaries of the grant date, contingent on meeting specific performance criteria related to the company's share price, annual recurring revenue, overall revenue, and EBITDA.
The new options are set to expire 10 years from the grant date and are exercisable provided the performance conditions are met and the individuals remain employed by the company. The exercise price mirrors the issue price of the new ordinary shares from the recent fundraising.
With the latest grant and cancellation of options, Rosslyn now has options outstanding over 9,553,772 ordinary shares, which equates to 12.91% of its currently issued share capital.
This move is part of Rosslyn's strategy to realign employee interests with those of the company and its shareholders, ensuring the incentive scheme reflects the current market conditions. The information is based on a press release statement from Rosslyn Data Technologies plc.
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