Renew the leading Engineering Services Group supporting the maintenance and renewal of critical UK infrastructure, announces that a total of 203,573 options ("LTIP Options") have been granted on 7 December 2023 to subscribe for ordinary shares of 10p each pursuant to the Company's Long Term Incentive Plan. The grant includes the following allocation to executive directors of Renew:
P Scott (Chief Executive)
A Liebenberg (Executive Director)
S Wyndham-Quin (Chief Financial Officer)
The LTIP Options shall ordinarily vest and become exercisable at an exercise price of 10p per ordinary share from 8 December 2026 but are only exercisable to the extent that certain performance criteria are achieved by the Company over a three-year performance period commencing 1 October 2023. The LTIP Options must be exercised before 8 December 2033. The LTIP Options will ordinarily be forfeit in the event of the grantee's cessation of employment ahead of the time vesting date.
A summary of the performance criteria is set out in the Directors' Remuneration Report in the Annual Report and Accounts which is available on the Company's website and from the registered office.
The current total number of ordinary shares of 10p each in issue is 79,133,889 and following the above LTIP award there is a total of 845,176 ordinary shares outstanding under LTIP options none of which have yet vested.