Long Term Incentive Plan Approval and Awards

RNS Number : 0792S

Crossword Cybersecurity PLC

11 November 2021

 

Crossword Cybersecurity Plc

LTIP Approval and Awards

11 November 2021 - London, UK - Crossword Cybersecurity Plc (AIM:CCS, "Crossword", the "Company" or the "Group"), the technology commercialisation company focused on cyber security and risk management, announces the approval of a Long Term Incentive Plan ("LTIP") and the initial awards under the LTIP. 

LTIP

The rules of the LTIP give flexibility for what awards are made under it, with all awards subject to one or more performance conditions which have the intention of enhancing shareholder value. 50% of shares under released awards continue to be subject to the holding period of 1 year after exercise. The total number of shares issued or issuable under the LTIP and any other employees' share scheme operated by the Group may not exceed 10% of the Company's ordinary share capital in any 10-year period.  The Board has power to cancel or reduce any unvested awards (malus) and to claw back the value of any awards that have been released (clawback) in certain circumstances.

Awards under the LTIP have been made to Mary Dowd (Chief Financial Officer), Stuart Jubb (Managing Director Consulting), Jake Holloway (Chief Product Officer) and Sean Arrowsmith (Group Sales Director). Each award is of nominal cost (£0.005) options to acquire up to 750,000 Crossword ordinary shares of 0.5p each ("Ordinary Shares") which vest at the average mid-market price of the Ordinary Shares over the 20 trading days preceding the end of the performance period which ends on 30 September 2024 ("Award Price"). 25% of the options will vest if the Award Price is 50p, and 100% will vest if the Award Price is equal to or greater than 100p, with straight line vesting between 50p and 100p.   

Further details are set out in the PDMR forms below, made in accordance wit h the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mary Dowd
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Crossword Cybersecurity plc
b)	LEI	213800FJNJGZBUSOZQ63
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument  Identification code	Conditional award of Options to acquire ordinary shares of 0.5p each at a price of 0.5p per share. For Ordinary Shares: GB00BNG2LT65
b)	Nature of the transaction	Granting of options under a Long Term Incentive Plan vesting on 30 September 2024
c)	Price(s) and volume(s)	Price  Nil  Volume up to 750,000
d)	Aggregated information	N/A - single transaction
e)	Date of the transaction	10 / 11 /2021
f)	Place of the transaction	Off-market transaction

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Stuart Jubb
2	Reason for the notification
a)	Position/status	Managing Director Consulting
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Crossword Cybersecurity plc
b)	LEI	213800FJNJGZBUSOZQ63
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument  Identification code	Conditional award of Options to acquire ordinary shares of 0.5p each at a price of 0.5p per share. For Ordinary Shares: GB00BNG2LT65
b)	Nature of the transaction	Granting of options under a Long Term Incentive Plan vesting on 30 September 2024
c)	Price(s) and volume(s)	Price  Nil  Volume up to 750,000
d)	Aggregated information	N/A - single transaction
e)	Date of the transaction	10 / 11 /2021
f)	Place of the transaction	Off-market transaction

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Jake Holloway
2	Reason for the notification
a)	Position/status	Chief Product Officer
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Crossword Cybersecurity plc
b)	LEI	213800FJNJGZBUSOZQ63
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument  Identification code	Conditional award of Options to acquire ordinary shares of 0.5p each at a price of 0.5p per share. For Ordinary Shares: GB00BNG2LT65
b)	Nature of the transaction	Granting of options under a Long Term Incentive Plan vesting on 30 September 2024
c)	Price(s) and volume(s)	Price  Nil  Volume up to 750,000
d)	Aggregated information	N/A - single transaction
e)	Date of the transaction	10 / 11 /2021
f)	Place of the transaction	Off-market transaction
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Sean Arrowsmith
2	Reason for the notification
a)	Position/status	Group Sales Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Crossword Cybersecurity plc
b)	LEI	213800FJNJGZBUSOZQ63
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument  Identification code	Conditional award of Options to acquire ordinary shares of 0.5p each at a price of 0.5p per share. For Ordinary Shares: GB00BNG2LT65
b)	Nature of the transaction	Granting of options under a Long Term Incentive Plan vesting on 30 September 2024
c)	Price(s) and volume(s)	Price  Nil  Volume up to 750,000
d)	Aggregated information	N/A - single transaction
e)	Date of the transaction	10 / 11 /2021
f)	Place of the transaction	Off-market transaction

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

- Ends -

Contacts

Crossword Cybersecurity plc - Tel: [phone]

Email: [e-mail]

Tom Ilube, Chief Executive Officer

Mary Dowd, Chief Financial Officer

Grant Thornton (Nominated Adviser) - Tel: [phone]

Colin Aaronson / Daphne Zhang

Hybridan LLP (Broker) - Tel: [phone]

Claire Louise Noyce

For media enquiries contact:

Duncan Gurney, GingerPR

[e-mail] - Tel: [phone]

About Crossword Cybersecurity plc

Crossword Cybersecurity plc focuses on the development and commercialisation of university research-based cyber security and risk management related software and cyber security consulting. The Group's specialist cyber security product development and software engineering teams work with its university partners to develop the research concept into a fully-fledged commercial product that it will then take to market. The Group's aim is to build up a portfolio of revenue generating, intellectual property based, cyber security products. Rizikon Assurance, Crossword's leading product, is a SaaS platform that enables medium to large companies to assess and manage all risks from their suppliers. Nixer CyberML, another Crossword product, is a new tool for businesses that want to solve advanced security and cybercrime problems, such as detecting and dealing with compromised accounts, fraud, and in-application denial of service attacks. Identiproof, Crossword's most recent product, is the World Wide Web Consortium (W3C) verifiable credentials compatible middleware and wallet technology.  Crossword's team of expert cyber security consultants leverages years of experience in national security, defence and commercial cyber intelligence and operations to provide bespoke advice tailored to its clients' business needs, including threat monitoring.

 

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