Following the recent announcement in relation to the termination of employment of former Executive Director Nick Rowles-Davies, his performance related shareholding did not vest. That benefit comprised 4,917,464 shares held through LCM’s Joint Share Ownership Plan (“JSOP”).
These JSOP awards are held by the LCM Employee Benefit Trust (“EBT”), and were due to vest 19 December 2021 subject to continued employment and performance conditions including a share price target of 175 pence being achieved at any time during the vesting period. The JSOP award was subject to malus and clawback provisions. Although the JSOP awards did not vest by reason of the termination of employment for cause, the awards had not vested at the date of termination due to the share price of LCM not trading at 175 pence at any point during the vesting period.
The awards remain held in the EBT.