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LONDON - HSBC Holdings plc (LSE:HSBA) granted conditional awards to employees and former employees to subscribe for 602,878 ordinary shares under the HSBC Share Plan 2011, according to a regulatory announcement released Friday.
The awards were granted on August 14, with shares priced at £9.539 on the London Stock Exchange at the time of the grant. No purchase price was required for the awards.
Under the company’s deferral policy, vesting will occur over a three-year period with 33% vesting on the first and second anniversaries of the grant date and 34% on the third anniversary. Material Risk Takers may be subject to longer vesting periods of up to seven years, as required by relevant remuneration regulations.
Some awards are contingent upon the completion of what the bank described as "a strategically important project." The company noted that while no specific performance targets apply to the Plan Awards themselves, as they represent a form of deferred bonus to meet UK regulatory requirements, performance targets were applied to the initial Variable Pay awards.
The awards fall under two limits for the HSBC Share Plan: one capping issuance at 10% of ordinary share capital (with 998,078,234 shares available), and another at 5% (with 283,392,004 shares available).
The information was disclosed in a regulatory filing to The Stock Exchange of Hong Kong Limited, where HSBC is also listed under the code 5.
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