ensilica awards options to directors under long-term incentive plan

LONDON - EnSilica plc (AIM:ENSI), a chip maker specializing in mixed signal ASICs, announced Wednesday it has granted 178,625 share options to certain directors under its Long Term Incentive Plan 2022.

Chief Financial Officer Kristoff Rademan received 128,625 options to acquire new ordinary shares at their nominal value. These awards will vest on the third anniversary of the grant, subject to the company achieving a profit after tax (PAT) target of £2.5 million in any financial year, and will expire after ten years.

The company also modified performance targets for existing options granted in May 2022 to Executive Chair Mark Hodgkins (1.5 million options) and Chief Executive Officer Ian Lankshear (3 million options). Instead of a fully diluted earnings per share target for the year ended May 31, 2025, these options will now vest upon achieving an annual PAT target of £2.5 million, measurable through the financial year ending May 31, 2027.

The Remuneration Committee decided to adjust the performance targets rather than let the awards lapse and issue new ones. These existing options have a 50p exercise price and will vest fully upon reaching the PAT target. All other terms remain unchanged, including the May 22, 2032 expiration date.

Additionally, Non-executive Director Stephen Brindle, who joined the board in January 2025, received 50,000 share options with an exercise price of 39p, reflecting the mid-market closing price of EnSilica shares on July 14. Brindle’s options will vest in two tranches: 33.33% on the second anniversary and 66.67% on the fourth anniversary of the grant date, with no performance conditions attached.

According to the press release, this grant aligns with the company’s policy for Non-Executive Directors established at its May 2022 IPO.

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