Grant of Options

RNS Number : 2674I

Xaar PLC

26 August 2016

 

Xaar plc (the "Company")

Grant of Options

The Company announces that on 25 August 2016 the following Executive Directors of the Company were granted share options over ordinary shares of 10 pence each in the Company ("Ordinary Shares") under the terms of the 2007 Long Term Incentive Plan ("LTIP"), as follows:

Name	Role	Percentage of salary options granted at market value	No. of options* granted over Ordinary Shares	Total no. of options** held post grant
Doug Edwards	Chief Executive Officer	75%	47,559	198,213
Alex Bevis	Chief Financial Officer	50%	19,562	205,812

* Options granted on 25 August 2016 under the LTIP scheme.

** Options granted under all schemes.

This grant is made in order to position total remuneration in line with relevant comparable companies for our CEO and CFO and is made following approval of Resolution 15 at the Annual General Meeting on 18 May 2016, which approved the proposed amendment to the Xaar plc 2007 LTIP rules to increase the limit on the market value of the shares that may be granted under a performance share award to an employee from 100% to 175% of base salary in such financial year.

This grant was approved by the Remuneration Committee on 17 August 2016. The delay in approving the grant since the AGM was as a result of status of discussions on the acquisition of Engineered Printing Solutions as announced on 1 July 2016 and Xaar's close period.

No consideration was paid for the grant of any of the options, or is due on the exercise of options granted under the LTIP scheme. These options carry certain specific performance criteria which must be achieved prior to vesting, which is 3 years after the date of grant, when the options are ordinarily exercisable. The options will expire on the tenth anniversary of the date of grant.

Enquiries:

Xaar plc
Alex Bevis - Chief Financial Officer	[phone]

 

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