23rd Oct 2015 14:41
LONDON (Alliance News) - Ten Alps PLC Friday said it has granted options over 15.0 million shares to four of its directors, who will be able to exercise the options when the company's share price hits certain levels.
The international TV and cross-platform content business said the options have a three-year life and are exercisable at 2.875 pence per share.
Chief Executive Mark Wood has been allocated options over 12.5 million of the shares, whilst Chairman Peter Bertram has been awarded options over 500,000 shares. Non-Executive Directors Luke Johnson and Jonathan Goodwin have been granted 1.0 million options each.
One quarter of each directors options can be exercised once the company's share price hits 4.0p for 30 consecutive days and the number of vested options will increase on a straight-line basis until its share price hits 5.0p for 30 consecutive days, by which point all of the options will have been exercised.
Bertram already held a further 2.3 million share options exercisable at 2.50p per share, which he can exercise before May 2022.
Ten Alps shares were untraded at 2.875 pence on Friday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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