LeapRate Exclusive… LeapRate has learned via regulatory filings that electronic trading network operator NEX Group PLC (LON:NXG) has made more than £11.5 million (USD $15 million) worth of bonus share grants to senior management.
The largest grant worth $5.4 million went to NEX Group CEO Michael Spencer.
|DSBP Award||PSP Award||Total Shares||Value £||Value US$|
The share grants were divided into two parts – a Deferred Share Bonus Plan (DSBP), and a Performance Share Plan (PSP).
The company also announced that Michael Spencer and CFO Stuart Bridges have elected, with the approval of the Remuneration Committee, to defer 100% of their bonus into NEX Group plc shares which will vest after three years.
These awards will normally vest on May 23, 2020 subject to the participant continuing to hold an office or employment within the NEX Group.
The PSP awards will normally vest on May 23, 2020 subject to the participant continuing to hold an office or employment within the NEX Group and the achievement of the following performance conditions measured over a three year period to March 31, 2020:
- half the 2017 PSP award will be subject to a Total Shareholder Return performance condition; and
- the remaining 50% of the 2017 award will be subject to a point-to-point EPS performance condition.