LONDON - Renew Holdings PLC (AIM: RNWH), a prominent Engineering Services Group involved in the upkeep and renewal of UK's critical infrastructure, has granted a total of 166,528 Long Term Incentive Plan (LTIP) options to its executive directors, as announced today. These options are part of the company's efforts to incentivize long-term performance and alignment with shareholder interests.
The LTIP options granted include 74,771 to Chief Executive Officer P Scott and 54,281 to Chief Financial Officer S Wyndham-Quin. These options will ordinarily vest and become exercisable from December 12, 2027, at an exercise price of 10p per ordinary share. However, their exercisability is contingent upon the achievement of certain performance criteria over a three-year period starting October 1, 2024. If these criteria are met, the options must be exercised before December 12, 2034, otherwise, they will be forfeited, especially if the grantee's employment ceases before the vesting date.
The performance criteria for the LTIP options are detailed in the Directors' Remuneration Report, which can be found in the Annual Report and Accounts on Renew's website. The company has specified that following this LTIP award, there are now 780,889 ordinary shares outstanding under LTIP options, none of which have vested as of yet.
Renew's current total number of ordinary shares issued is 79,138,195. The granting of LTIP options is a common practice in corporate governance, intended to ensure that the interests of the directors are closely aligned with those of the shareholders, particularly focusing on long-term value creation.
This announcement is based on a press release statement and provides factual information regarding the LTIP options granted by Renew Holdings to its executive directors. It reflects the company's commitment to maintaining a robust incentive structure for its leadership, which is crucial for the ongoing success and growth of the firm within the infrastructure sector.
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