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LONDON - HSBC Holdings (NYSE:HSBC) PLC has granted conditional awards to employees and former employees for a total of 1,785,450 ordinary shares, the company announced on Sunday. The shares are to be subscribed under the HSBC Share Plan 2011 and are in line with the company’s deferral policy and regulatory requirements in the UK.
The awards were granted on Monday, with each share having a nominal value of US$0.50 and a closing market price of GBP 8.866 on the London Stock Exchange (LON:LSEG) on the date of the grant. The shares will vest over a three-year period, with 33% vesting on the first and second anniversaries of the grant and 34% on the third anniversary. Material Risk Takers within the group and local jurisdictions may be subject to longer vesting periods of up to seven years, as per remuneration regulations. Additionally, there may be a six- or 12-month retention period after vesting, during which the shares cannot be sold.
According to HSBC, the immediately vested share awards are part of the non-deferred portion of Material Risk Takers’ remuneration, which must be partly delivered in shares to comply with UK regulation. These awards are not subject to a vesting period but are held for a six- or 12-month retention period.
No performance targets are attached to the Plan Awards, as they are considered a form of deferred bonus. However, buy-out awards for new hires are intended to mirror the terms of the forfeited awards from the previous employer and may be subject to clawback if the forfeited award had such conditions.
The Plan is subject to limits on the number of shares that can be committed for issuance. Currently, there are 1,034,314,531 shares available under a 10% limit and 302,089,359 shares under a 5% limit of the ordinary share capital of the company.
This announcement is made in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and is based on a press release statement.
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