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LONDON - Shearwater Group plc (AIM:SWG), the cybersecurity, advisory, and managed security services group, has granted 380,000 share options to Group CEO Phil Higgins under its Long Term Incentive Plan, according to a press release statement issued Thursday.
The options, representing 1.6% of the company’s existing issued ordinary share capital, were approved by the board on Wednesday. The grant was made at an exercise price of 35.2 pence per share, calculated as the average closing price in the 30 days prior to the original January 2025 grant.
The company stated that the options will vest in three equal tranches on October 31 of 2025, 2026, and 2027. Vesting is subject to performance conditions, with 50% dependent on continued employment and the remaining 50% tied to Shearwater Group’s Adjusted EBITDA performance.
According to the announcement, the award to Higgins was delayed pending "delivery of certain material contracts" during the recently concluded FY25 financial year. The options were granted under the same terms as those previously issued to other Group staff in January 2025.
The transaction was executed outside a trading venue, with the options granted at nil cost to the CEO.
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