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LONDON - Motorpoint Group plc (LON:MOTR), the UK’s independent omnichannel vehicle retailer, announced Thursday it has granted restricted share awards to its chief executive and financial officers under the company’s Performance Share Plan (PSP).
Chief Executive Officer Mark Carpenter received 178,253 nil-cost options over ordinary shares, bringing his total holdings to 886,340 options, representing 1.03% of the company’s current issued share capital.
Chief Financial Officer Chris Morgan was granted 137,701 nil-cost options, increasing his total to 602,410 options, equivalent to 0.70% of issued shares.
The awards, structured as nil-cost options over ordinary shares, will vest over a five-year period, with 50% vesting on the third anniversary of the grant date, followed by 25% portions on the fourth and fifth anniversaries.
Vesting is contingent upon continued service and performance conditions requiring the company’s Remuneration Committee to determine that business performance is robust and sustainable, and that executive leadership has strengthened the business.
Any vested shares will be subject to a holding period extending to at least the fifth anniversary of the grant date, during which they cannot be sold. The options remain exercisable until the day before the tenth anniversary of the grant date.
Motorpoint operates 21 sales and collection branches across the UK and maintains online platforms including Motorpoint.co.uk for retail customers and Auction4Cars.com for wholesale transactions.
The information was disclosed in a regulatory filing based on a company press release statement.
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