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LONDON - The Property Franchise Group (NASDAQ:FRG) PLC (LON:TPFG) has granted nominal cost options over 1,022,000 ordinary shares to executives and employees under its Share Option Plan, according to a statement released Thursday.
The UK’s largest multi-brand property franchisor also announced share awards of 284,500 ordinary shares following the vesting and exercise of options under its 2022 Share Option Scheme, which recognized the full achievement of targets set.
Chief Executive Officer Gareth Samples received options for 250,000 shares, Chief Financial Officer Ben Dodds for 200,000 shares, and Executive Director Michelle Brook for 100,000 shares.
The new awards will be subject to two performance conditions measured over the three years to December 31, 2027: total shareholder return (TSR) and adjusted basic earnings per share (Adjusted EPS). Each condition applies to 50% of the awards.
For both conditions, threshold vesting (25%) requires 35% growth over the period, corresponding to 10.4% compound annual growth rate. Full vesting requires 50% growth, equivalent to 14.5% CAGR, with straight-line vesting between these points.
Additionally, CEO Gareth Samples exercised 175,000 options from the 2022 Scheme at 1p per share. He sold 82,419 shares to the company’s employee benefit trust to cover the exercise price and tax liabilities, resulting in a total holding of 615,651 shares, representing 0.97% of the company’s issued share capital.
Prior to these awards, the company had 63,752,008 ordinary shares in issue and outstanding awards for 1,871,952 ordinary shares under previous incentive schemes.
The share awards under the 2022 Scheme were made through transfers of shares held in the company’s employee benefit trust.
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