LTIP & CSOP Award
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Solid State plc (AIM: SOLI), the specialist value added component supplier and design-in manufacturer of computing, power, and communications products, announces the following grants of options over a total of 56,400 ordinary shares of 5 pence each ("Ordinary Shares") to executive directors pursuant to the Company's existing Long term Incentive Plan ("LTIP"), which was approved by shareholders at the Company's AGM held on 9 September 2020:
| Executive Director | New options awarded under LTIP | Other existing options held under LTIP | Other existing EMI options held | Total options held following new LTIP grant |
|---|---|---|---|---|
| Gary Marsh | 14,100 | 35,500 | 8,000 | 57,600 |
| Peter James | 14,100 | 35,500 | 24,000 | 73,600 |
| John Macmichael | 14,100 | 35,500 | 8,000 | 57,600 |
| Matthew Richards | 14,100 | 35,500 | 32,000 | 81,600 |
These nominal cost options granted under the LTIP award will vest in full only if the reported adjusted diluted EPS growth in the period to the third anniversary of the grant exceeds the UK rate of Consumer Price Inflation by at least 30 per cent. The performance period is based on the 1 April 2023 to 31 March 2026, with EPS growth measured against the reported adjusted diluted EPS for 31 March 2023. Partial vesting for growth below this rate will be at the absolute discretion of the Remuneration Committee at the appropriate time.
The Board believes that the performance conditions attaching to the LTIP awards are a fair measure of value creation and align the Directors' interest with those of shareholders.
Furthermore, the Company announces the awards of options over 50,150 Ordinary Shares to certain employees pursuant to the Company Share Option Plan. These options are exercisable after three years following grant, subject to achievement of separate performance criteria and payment of the exercise price.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Gary Marsh |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Executive Officer |
| b) | Initial notification /Amendment | Initial Notification |
| a) | Name | Solid State plc |
| b) | LEI | 213800QUHS9QTN5T1P62 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 5p each GB0008237132 |
| b) | Nature of the transaction | Grant of options |
| c) | Price(s) and volume(s) | Price(s) Volume(s) Exercise price: 5p 14,100 |
| d) | Aggregated information - Aggregated volume - Price | N/A - single transaction |
| e) | Date of the transaction | 7 February 202 4 |
| f) | Place of the transaction | Outside a trading venue |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Peter James |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Financial Officer |
| b) | Initial notification /Amendment | Initial Notification |
| a) | Name | Solid State plc |
| b) | LEI | 213800QUHS9QTN5T1P62 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 5p each GB0008237132 |
| b) | Nature of the transaction | Grant of options |
| c) | Price(s) and volume(s) | Price(s) Volume(s) Exercise price: 5p 14,100 |
| d) | Aggregated information - Aggregated volume - Price | N/A - single transaction |
| e) | Date of the transaction | 7 February 202 4 |
| f) | Place of the transaction | Outside a trading venue |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | John Macmichael |
| 2 | Reason for the notification | |
| a) | Position/status | Executive Director |
| b) | Initial notification /Amendment | Initial Notification |
| a) | Name | Solid State plc |
| b) | LEI | 213800QUHS9QTN5T1P62 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 5p each GB0008237132 |
| b) | Nature of the transaction | Grant of options |
| c) | Price(s) and volume(s) | Price(s) Volume(s) Exercise price: 5p 14,100 |
| d) | Aggregated information - Aggregated volume - Price | N/A - single transaction |
| e) | Date of the transaction | 7 February 202 4 |
| f) | Place of the transaction | Outside a trading venue |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Matthew Richards |
| 2 | Reason for the notification | |
| a) | Position/status | Executive Director |
| b) | Initial notification /Amendment | Initial Notification |
| a) | Name | Solid State plc |
| b) | LEI | 213800QUHS9QTN5T1P62 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 5p each GB0008237132 |
| b) | Nature of the transaction | Grant of options |
| c) | Price(s) and volume(s) | Price(s) Volume(s) Exercise price: 5p 14,100 |
| d) | Aggregated information - Aggregated volume - Price | N/A - single transaction |
| e) | Date of the transaction | 7 February 202 4 |
| f) | Place of the transaction | Outside a trading venue |
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