Minds + Machines Group Limited (AIM:MMX), announced today “that it has adopted a new share incentive scheme”.
“As set out in the Company’s Readmission document published earlier this year, the Company has been considering implementing a replacement incentive compensation scheme across the Group for its directors and employees to better attract, retain and reward employees.
Employee attraction and retention are key factors for MMX as it continues to build its operations and launch gTLDs, as it competes with major technology players to recruit staff.
Accordingly, the Company has replaced its existing 2012 Stock Option Plan with a Restricted Stock Unit (“RSU”) Plan as its primary incentive compensation scheme, with the vesting of awards granted under the Plan subject to both continued employment as well as company and individual performance criteria.
The number of options and grants to be made under the RSU Plan and the outstanding Stock Option Plan is limited to 12.5% of the issued share capital and is the intended maximum planned distribution (the “Plan Limit”).
Awards of RSUs will be made on adoption of the Plan and annually thereafter based on performance over a prescribed period to be determined by the Board.
The Plan provides, inter alia, that: upon vesting each RSU granted will entitle the RSU holder to receive one new ordinary share at a nil exercise price or such other exercise price as may be determined by the Board; that unvested RSUs are forfeited upon termination of employment; in most instances RSU awards granted will fully vest on a change in control of the Company; and RSU awards will be adjusted for certain changes in the Company’s capital structure.
The Company intends to make the initial awards immediately following publication of its interim results for the six month ended 30 June 2014.