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LONDON - Nexteq plc (AIM:NXQ), a provider of technology solutions to various industrial sectors, has granted stock options to its senior management under its 2022 Long Term Incentive Plan. The announcement made today outlines that the company awarded 741,705 Performance Share Awards and 77,519 Restricted Share Awards to its key executives.
The options consist of two parts with specific vesting conditions. For the Performance Share Awards, 70% will be based on the company’s adjusted earnings per share (EPS) performance for the financial year ending December 31, 2027. The vesting of this portion requires a minimum compound annual growth rate (CAGR) of 10%, with full vesting at a CAGR of 20% or higher. The remaining 30% of the Performance Share Awards are tied to the company’s total shareholder return (TSR) over a three-year period, with similar CAGR thresholds for partial to full vesting.
The Restricted Share Awards will vest over three years without any performance conditions. All options are exercisable at the nominal value of 0.1 pence per ordinary share.
Duncan Faithfull, Group CEO, was granted a total of 524,651 options, and following this grant, he now holds 819,581 options. Matt Staight, Group CFO, received 294,574 options, bringing his total to 336,260.
Following this grant, Nexteq has a total of 3,618,921 outstanding options, representing about 5.4% of the current issued share capital of the company.
Nexteq, known for its brands Quixant (LON:NXQ) and Densitron, specializes in computer platforms and human machine interface technology. The company has a presence in six countries and services over 500 customers across 47 countries. Its Taiwan operation is integral to its supply chain management and manufacturing strategies.
The information provided in this article is based on a press release statement issued by Nexteq plc.
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