Binary options platform and brokerage group TechFinancials Inc (LON:TECH) has announced that under the terms of the Company’s 2014 Employee Share Incentive Plan and on the recommendation of the Remuneration Committee, the Board yesterday granted options over 1,120,000 TechFinancials’ ordinary shares to employees, directors and consultants to the Company at an exercise price of US$0.0915 (approximately 7 pence) per Ordinary Share.
The exercise price of the options is above TechFinancials’ current share price of 5.25 pence.
The Options have an exercise period of ten years from grant date and vesting of the Options is conditional, among things, on continued employment of those receiving the options with the TechFinancials group.
Options were granted to the following directors:
|
Name |
Number of options granted |
Resultant holding of options |
|
Christopher Bell |
40,000 |
40,000 |
|
Asaf Lahav |
160,000 |
160,000 |
|
Hillik Nissani |
40,000 |
40,000 |
|
Eitan Yanuv |
40,000 |
40,000 |
The company stated that the grant of the Options is designed to align the interests of directors, senior managers and key employees and consultants to the group with those of shareholders and to promote the retention of such individuals.
Following this grant of Options, the total number of options now granted over Ordinary Shares under the Company’s 2014 Option Scheme is 2,437,482 (of which 484,142 have been exercised)and the total number of options and warrants in issue including 700,000 options under the Company’s 2013 option scheme and 215,629 broker warrants issued on admission to AIM is therefore 2,868,969, representing 3.95 per cent of the total number of Ordinary Shares in issue. Following this grant of Options, the total number of options under the Company’s 2014 Option Scheme available to be granted is 23,498.