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LONDON - Churchill China plc (AIM:CHH) granted options over ordinary shares to three executives and other employees under its Long Term Incentive Plan, according to a press release statement issued Friday.
Chief Executive Officer David O’Connor received 55,666 options, while Sales and Marketing Director James Roper and Chief Financial Officer Michael Cunningham were granted 43,177 and 35,802 options respectively. An additional 72,068 options were awarded to non-executive employees.
The options were issued at an exercise price of 10p per share, compared to the market price of 640p on the grant date. All options are subject to performance criteria established by the company’s Remuneration Committee.
Vesting of the options is tied to Churchill China’s adjusted earnings per share (EPS) for the financial year ending December 31, 2027. The company has established a tiered structure where 25% of options will vest if adjusted EPS reaches 66.0p, 40% at 73.36p, and 100% at 77.0p. No options will vest if the company fails to meet the minimum threshold.
The options include clawback provisions in certain circumstances and will vest from June 19, 2028, subject to meeting the performance conditions.
Churchill China, which manufactures ceramic products for hospitality markets, trades on London’s AIM market.
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