Long Term Incentive Plan (LTIP) Award
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IQE plc (AIM: IQE, "IQE" or the "Group"), the leading supplier of compound semiconductor wafer products and advanced material solutions to the global semiconductor industry, announces that on 29 November 2023, following discussions with a number of the Company's major institutional shareholders, IQE's Board of Directors has approved a recommendation made by the Remuneration Committee, to grant IQE's Chief Executive Officer, Americo Lemos, an award of 2,875,000 share options over ordinary shares of 1 pence each in the Company ("Award") at nil cost, pursuant to IQE's Long Term Incentive Plan. The Award is subject to a three-year performance period to 31 December 2025 (the "Performance Period") and is subject to a two-year hold period following vesting.
Vesting of the Award is determined by the Company's Total Shareholder Return ("TSR"). TSR will be measured at the end of the Performance Period and will be calculated based on the Company's volume weighted average price (plus any dividends paid during the Performance Period) over the 3-month period starting on 1 October 2025 and ending on 31 December 2025 (the "3M VWAP"). If the 3M VWAP is between 40p and 60p, between 25% and 60% of the Award will vest on a straight-line basis. There will be no further vesting unless the 3M VWAP is at least 70p, which would result in the Award vesting in full. None of the Award will vest if the 3M VWAP is below 40p.
| a) | Name | Americo Lemos |
| 2. | Reason for the notification | |
| a) | Position / status | Chief Executive Officer |
| b) | Initial notification / amendment | Initial notification |
| a) | Name | IQE plc |
| b) | Legal Entity Identifier | 213800Y33WHD3ESJJP16 |
| a) | Description of the financial instrument | Ordinary shares of 1 pence each in the Company GB0009619924 |
| b) | Nature of the transaction | Award of options |
| c) | Price(s) and volume(s) | Price Volume Nil 2,875,000 |
| d) | Aggregated information · Aggregated volume · Aggregated price | |
| e) | Date of the transaction(s) | |
| f) | Place of the transaction | Off-market |
- Smart Connected Devices
- Communications Infrastructure
- Automotive and Industrial
- Aerospace and Security
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