REG - Crossword Cybersec - Long Term Incentive Plan Approval and Awards
11/11/2021 08:05
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211111:nRSK0792Sa&default-theme=true
RNS Number : 0792S Crossword Cybersecurity PLC 11 November 2021
Crossword Cybersecurity Plc
LTIP Approval and Awards
11 November 2021 - London, UK - Crossword Cybersecurity Plc
(http://www.crosswordcybersecurity.com/) (AIM:CCS, "Crossword", the "Company"
or the "Group"), the technology commercialisation company focused on cyber
security and risk management, announces the approval of a Long Term Incentive
Plan ("LTIP") and the initial awards under the LTIP.
LTIP
The rules of the LTIP give flexibility for what awards are made under it, with
all awards subject to one or more performance conditions which have the
intention of enhancing shareholder value. 50% of shares under released awards
continue to be subject to the holding period of 1 year after exercise. The
total number of shares issued or issuable under the LTIP and any other
employees' share scheme operated by the Group may not exceed 10% of the
Company's ordinary share capital in any 10-year period. The Board has power
to cancel or reduce any unvested awards (malus) and to claw back the value of
any awards that have been released (clawback) in certain circumstances.
Awards under the LTIP have been made to Mary Dowd (Chief Financial Officer),
Stuart Jubb (Managing Director Consulting), Jake Holloway (Chief Product
Officer) and Sean Arrowsmith (Group Sales Director). Each award is of nominal
cost (£0.005) options to acquire up to 750,000 Crossword ordinary shares of
0.5p each ("Ordinary Shares") which vest at the average mid-market price of
the Ordinary Shares over the 20 trading days preceding the end of the
performance period which ends on 30 September 2024 ("Award Price"). 25% of the
options will vest if the Award Price is 50p, and 100% will vest if the Award
Price is equal to or greater than 100p, with straight line vesting between 50p
and 100p.
Further details are set out in the PDMR forms below, made in accordance with
the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014
which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Mary Dowd
2 Reason for the notification
a) Position/status Chief Financial Officer
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Crossword Cybersecurity plc
b) LEI 213800FJNJGZBUSOZQ63
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Conditional award of Options to acquire ordinary shares of 0.5p each at a
price of 0.5p per share.
Identification code
For Ordinary Shares: GB00BNG2LT65
b) Nature of the transaction Granting of options under a Long Term Incentive Plan vesting on 30 September
2024
c) Price(s) and volume(s) Price Nil Volume up to 750,000
d) Aggregated information N/A - single transaction
e) Date of the transaction 10 / 11 /2021
f) Place of the transaction Off-market transaction
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Stuart Jubb
2 Reason for the notification
a) Position/status Managing Director Consulting
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Crossword Cybersecurity plc
b) LEI 213800FJNJGZBUSOZQ63
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Conditional award of Options to acquire ordinary shares of 0.5p each at a
price of 0.5p per share.
Identification code
For Ordinary Shares: GB00BNG2LT65
b) Nature of the transaction Granting of options under a Long Term Incentive Plan vesting on 30 September
2024
c) Price(s) and volume(s) Price Nil Volume up to 750,000
d) Aggregated information N/A - single transaction
e) Date of the transaction 10 / 11 /2021
f) Place of the transaction Off-market transaction
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Jake Holloway
2 Reason for the notification
a) Position/status Chief Product Officer
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Crossword Cybersecurity plc
b) LEI 213800FJNJGZBUSOZQ63
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Conditional award of Options to acquire ordinary shares of 0.5p each at a
price of 0.5p per share.
Identification code
For Ordinary Shares: GB00BNG2LT65
b) Nature of the transaction Granting of options under a Long Term Incentive Plan vesting on 30 September
2024
c) Price(s) and volume(s) Price Nil Volume up to 750,000
d) Aggregated information N/A - single transaction
e) Date of the transaction 10 / 11 /2021
f) Place of the transaction Off-market transaction
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Sean Arrowsmith
2 Reason for the notification
a) Position/status Group Sales Director
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Crossword Cybersecurity plc
b) LEI 213800FJNJGZBUSOZQ63
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Conditional award of Options to acquire ordinary shares of 0.5p each at a
price of 0.5p per share.
Identification code
For Ordinary Shares: GB00BNG2LT65
b) Nature of the transaction Granting of options under a Long Term Incentive Plan vesting on 30 September
2024
c) Price(s) and volume(s) Price Nil Volume up to 750,000
d) Aggregated information N/A - single transaction
e) Date of the transaction 10 / 11 /2021
f) Place of the transaction Off-market transaction
The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of
the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part
of UK law by virtue of the European Union (Withdrawal) Act 2018. The
information is disclosed in accordance with the Company's obligations under
Article 17 of the UK MAR. Upon the publication of this announcement, this
inside information is now considered to be in the public domain.
- Ends -
Contacts
Crossword Cybersecurity plc - Tel: +44 (0) 20 3953 8460
Email: info@crosswordcybersecurity.com
Tom Ilube, Chief Executive Officer
Mary Dowd, Chief Financial Officer
Grant Thornton (Nominated Adviser) - Tel: +44 (0) 20 7383 5100
Colin Aaronson / Daphne Zhang
Hybridan LLP (Broker) - Tel: +44 (0)203 764 2341
Claire Louise Noyce
For media enquiries contact:
Duncan Gurney, GingerPR
duncan@gingerpr.co.uk (mailto:duncan@gingerpr.co.uk) - Tel: +44 (0)1932 485
300
About Crossword Cybersecurity plc
Crossword Cybersecurity plc focuses on the development and commercialisation
of university research-based cyber security and risk management related
software and cyber security consulting. The Group's specialist cyber security
product development and software engineering teams work with its university
partners to develop the research concept into a fully-fledged commercial
product that it will then take to market. The Group's aim is to build up a
portfolio of revenue generating, intellectual property based, cyber security
products. Rizikon Assurance, Crossword's leading product, is a SaaS platform
that enables medium to large companies to assess and manage all risks from
their suppliers. Nixer CyberML, another Crossword product, is a new tool for
businesses that want to solve advanced security and cybercrime problems, such
as detecting and dealing with compromised accounts, fraud, and in-application
denial of service attacks. Identiproof, Crossword's most recent product, is
the World Wide Web Consortium (W3C) verifiable credentials compatible
middleware and wallet technology. Crossword's team of expert cyber security
consultants leverages years of experience in national security, defence and
commercial cyber intelligence and operations to provide bespoke advice
tailored to its clients' business needs, including threat monitoring.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END DSHFIFSDLALLLILRecent news on Crossword Cybersecurity
See all newsREG - Crossword Cybersec - 2023 Annual Report and Accounts and Notice of AGM
AnnouncementREG - Crossword Cybersec - CFO Transition
AnnouncementREG - Crossword Cybersec - Holding(s) in Company
AnnouncementREG - Crossword Cybersec - Holding(s) in Company
AnnouncementRCS - Crossword Cybersec - New Head of Consulting
Announcement