Grant of LTIP Options
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Shearwater Group plc, the cybersecurity, advisory, and managed security services group, announces that on 9 July 2025 the Board approved the granti of 380,000 share options to subscribe for new ordinary shares in the Company to Group CEO Phil Higgins, in accordance with the Shearwater Group plc Long Term Incentive Plan (the "Options"). The Options represent 1.6% of the Company's existing issued ordinary share capital.
The Options were granted at the same price and under the same terms as options historically granted to other Group staff in January 2025 and the Options now being issued reflects the Remuneration Committee decision to delay the award of Options to Mr. Higgins pending delivery of certain material contracts over the remainder of the now concluded FY25 financial year.
The Options therefore vest in three equal tranches, on 31 October 2025, 31 October 2026 and 31 October 2027, subject to the achievement of the same financial and non-financial performance conditions as the option grant announced on 30 January 2025. Accordingly, 50% of options will vest on continued employment while the remaining 50% will vest based on Shearwater Group Adjusted EBITDA performance.
The option exercise price has been set at 35.2p, being the average closing price in the 30 days prior to the original grant.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | 1. Phil Higgins | |
| 2 | Reason for the notification | ||
| a) | Position/status | 1. Chief Executive Officer | |
| b) | Initial notification/Amendment | Initial notification | |
| a) | Name | Shearwater Group PLC | |
| b) | LEI | 213800ZRUKUYDJLKD504 | |
| b) | Nature of transaction | Awards made pursuant to the rules of the Shearwater Group Long Term Incentive Plan | |
| c) | Price(s) and volume(s) | Price(s) | Volume(s) |
| Nil | 1. 380,000 | ||
| Aggregated information - Aggregated volume - Price | n/a 35.2p | ||
| e) | Date of the transaction | 09 July 2025 | |
| f) | Place of the transaction | Outside a trading venue |
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