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LONDON - Strip Tinning Holdings plc (AIM:STG), a supplier of connection systems to the automotive sector, granted options over 2.69 million ordinary shares to senior employees under its 2022 Performance Share Plan, according to a Monday press release.
Chief Executive Officer Mark Perrins received options for 1,425,258 shares, while Chief Financial Officer Kevin Edwards was granted options for 632,968 shares.
The company’s board structured the options to vest in stages, with approximately 24-27% vesting on December 31, 2026, and 36.5-38% vesting on December 31, 2027. The remaining portion will vest based on total shareholder return performance criteria over the three years ending December 31, 2027.
Some vested shares will be subject to an additional one-year holding period. The Remuneration Committee retains discretion to adjust terms to account for corporate activities such as acquisitions.
Prior to this new grant, Perrins surrendered options for 203,636 shares that were previously granted in March 2023. The company stated this surrender was made to create additional "headroom" under the plan’s dilution limits and was not connected to the new option grant.
Strip Tinning Holdings noted that the options are intended to retain and incentivize senior executives while aligning their interests with shareholders.
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