5th Apr 2011 08:29
5 April 2011
Telit Communications plc
Grant of Options and Bonuses
Bonus awards
The Remuneration Committee of the Board announces that, in recognition of their contribution to the success of the Company as evidenced by the results for the year ended 31 December 2010, the following Directors have been awarded cash bonuses in respect of the financial year ended on 31 December 2010:
Bonus payable under service agreement | Additional bonus | Total bonus for the year | |
Enrico Testa (Chairman) | Nil | €200,000 | €200,000 |
Oozi Cats (CEO) | €137,000 | €363,000 | €500,000 |
Yariv Dafna (CFO) | €36,000 | €14,000 | €50,000 |
Under the AIM Rules, as directors of the Company, Oozi Cats, Enrico Testa and Yariv Dafna are each a related party of the Company and the grants to them of the bonuses set out above are considered to be Related Party Transactions. Having consulted with Investec Bank Plc, the Company's Nominated Adviser, the independent directors of the Company (excluding Oozi Cats, Chicco Testa and Yariv Dafna) consider that the terms of those transactions to be fair and reasonable insofar as the Company's shareholders are concerned.
Option awards
In addition, on 1 April 2011, options were granted to certain directors and employees of the Company at an exercise price of 81p per share (being the average closing price of the Company's shares during the period from 1 March 2011 to 1 April 2011). The options have a vesting schedule whereby one third will vest on each anniversary of the grant.
The following directors were granted options under the terms described above:
Oozi Cats: 1,952,000 options
Enrico Testa: 520,000 options.
Enquiries:
Andrea Mandel-Mantello 020 7832 3505
Chairman of the Remuneration Committee
Related Shares:
TCM.L