Long Term Incentive Plan Awards
CEO and CFO awarded nil cost options totalling 529,280 shares under three-year LTIP scheme.
- Paul Bal LTIP 2024-2027 Options 296,145
- Rohan Cummings LTIP 2024-2027 Options 233,135
- Total options awarded 529,280
- Paul Bal existing Ordinary Shares 110,000
- Rohan Cummings existing Ordinary Shares 43,261
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The Company announces that on 14 August 2024, it awarded a total of 296,145 and 233,135 nil cost options ("Options") over ordinary shares of 5 pence each in the capital of the Company ("Ordinary Shares") to Paul Bal, Chief Executive Officer, and Rohan Cummings, Chief Financial Officer, respectively, under the Company's 2022 Long Term Incentive Plan ("LTIP 2024 - 2027").
The awards are consistent with the terms summarised in the Directors' Remuneration Report on page 92 of the FY2024 Annual Report and Accounts and accordingly are subject to certain performance conditions set by the Company's Remuneration Committee being achieved during a three year period (two thirds based on relative TSR vs FTSE SmallCap (ex IT) constituents; one-third based on EPS growth). An 'underpin' condition also applies to the awards that allows the Remuneration Committee to reduce vesting levels if it determines that vesting outcomes reflect unwarranted 'windfall gains' from share price movements. In addition, Mr Bal and Mr Cummings have committed to a two-year holding period.
Details of the awards made to each Director and their resulting interests in the Company are detailed in the table below.
| Existing Option awards | Existing Option awards | New Option award | ||
| Director | Ordinary Shares | LTIP 2022-2025 (Not Vested) | LTIP 2023-2026 (Not Vested) | LTIP 2024-2027(Not Vested) |
| Paul Bal | 110,000 | 480,536 | 443,342 | 296,145 |
| Rohan Cummings | 43,261 | - | 260,330 | 233,135 |
| a) | Name: | IG Design Group plc | ||
| b) | LEI: | 213800J8I5XDZ3JU8496 | ||
| a) | Description of the financial instrument: Identification code: | Options over Ordinary Shares of 5 pence each ISIN: GB0004526900 | ||
| b) | Nature of the transaction: | Award of conditional options, conditional on future performance | ||
| c) | Price(s) and volume(s): | Price(s) | Volume(s) | |
| nil | 296,145 | |||
| d) | Aggregated volume: Price: | N/A - Single transaction | ||
| e) | Date of the Transaction: | 14 August 2024 | ||
| f) | Place of the Transaction: | Outside trading venue | ||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||
| a) | Name: | Rohan Cummings | ||
| 2 | Reason for the notification | |||
| a) | Position/Status: | Chief Financial Officer | ||
| b) | Initial Notification/Amendment: | Initial Notification | ||
| a) | Name: | IG Design Group plc | ||
| b) | LEI: | 213800J8I5XDZ3JU8496 | ||
| a) | Description of the financial instrument: Identification code: | Options over Ordinary Shares of 5 pence each ISIN: GB0004526900 | ||
| b) | Nature of the transaction: | Award of nil cost options, conditional on future performance | ||
| c) | Price(s) and volume(s): | Price(s) | Volume(s) | |
| nil | 233,135 | |||
| d) | Aggregated volume: Price: | N/A - Single transaction | ||
| e) | Date of the Transaction: | 14 August 2024 | ||
| f) | Place of the Transaction: | Outside trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.