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LONDON - Scottish housebuilder Springfield Properties plc (AIM:SPR) has awarded performance shares to two senior executives under its Performance Share Plan, according to a company statement released Wednesday.
Chief Executive Officer Innes Smith received 214,868 shares, while Chief Financial Officer Iain Logan was granted 135,187 shares. The awards were structured as "nominal cost" options with an exercise price of 0.125 pence per share.
The performance shares were granted on October 28 and will vest on the third anniversary of the grant date, subject to meeting specific performance conditions and continued employment. The vesting criteria include targets related to earnings per share (50% weighting) and the company’s build-to-rent strategy (50% weighting).
Once vested, the awards can be exercised until the tenth anniversary of the grant date. Recipients may also receive additional "dividend equivalent" entitlements upon exercise.
Springfield Properties, which focuses on delivering private and affordable housing in Scotland, established its Performance Share Plan in January 2020. The plan is designed to align executive compensation with company performance and strategic objectives.
The Remuneration Committee set the performance conditions, which will be assessed following the end of the financial year to May 31, 2028.
No consideration was paid for the grant of the awards, according to the press release statement.
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