REG - Genus - Share Award for Incoming CEO
02/05/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230502:nRSB9825Xa&default-theme=true
RNS Number : 9825X Genus PLC 02 May 2023
For Immediate Release
2
May 2023
Genus plc
('Genus', or the 'Company')
Share Award for Incoming CEO
Further details on appointment of Chief Executive Officer
Disclosed below are the agreed reward arrangements for Jorgen Kokke, which are
consistent with our shareholder approved Remuneration Policy.
He will be paid a basic annual salary of US$825,000. He will additionally
receive a pension contribution worth 6% of this salary.
Jorgen will also receive payments following appointment of c£4m, the majority
of which will be made in Genus share awards with future vesting dates subject
to continued employment and which are set out below. These awards, which
will be granted over Genus shares, are for loss of compensation of incentives
held at Ingredion, the valuation of which has been determined in line with our
Remuneration Policy, and which will be fully disclosed in our Annual Report.
His ongoing variable reward opportunity will be structured as follows:
· An annual bonus opportunity of up to 200% of salary, with compulsory
deferment of one-third of any bonus paid into shares, to be held for a minimum
period of 3 years.
· In September 2023 (only) we will use the exceptional limit available
within our Remuneration Policy to make a long term incentive award of 400% of
salary under the Performance Share Plan (PSP). These awards will vest after
three years subject to achievement against company performance targets, and
will be subject to a further two year holding period following vesting.
· In future years, expected to be from September 2024 onwards, long
term awards will be in line with the standard level permissible our
Remuneration Policy (currently 200% of salary).
In addition to the above changes the Company provides the following updates:
· Further to the announcement of the forthcoming retirement of Stephen
Wilson on 30 September, the Remuneration Committee has determined that Stephen
will be treated as a good leaver from the business. The approach to reward
will be in line with our agreed Remuneration Policy and we will make full
disclosures as required under Section 430(2b) at the point of leaving and
within our next Annual Report.
· Following determination of her future role and responsibilities and a
market review of compensation, the Committee have decided to increase the
salary for Alison Henriksen to £480,930 effective 1 July 2023. No further
increases will be made in September 2023 or September 2024 with next scheduled
review in September 2025. In reaching this decision the Board have
considered and redefined the scope of the role that will be performed by
Alison following the appointment of Jorgen Kokke. In particular, this will
reflect the fact that she will be the sole Executive Director based primarily
in the UK following the change of CEO. The Committee view this aspect as an
extension of her current role, and this is reflected within the revised salary
level that will be payable.
This announcement is made in accordance with Listing Rule 9.6.11R.
Director/PDMR Shareholding
Genus plc (LSE: GNS) announces that on 2 May 2023, Jorgen Kokke was granted
awards of shares in respect of buyout of compensation forfeited from Ingredion
as a result of his resignation. These have been awarded in line with the
Company's Remuneration Policy, which is set out in our latest Annual Report.
These awards have been granted pursuant to Listing Rule 9.4.2R as nil-cost
share options over ordinary shares on substantially similar terms to the Genus
2019 Performance Share Plan ('PSP'), but without further Genus company
performance conditions and have been determined to be a fair value for awards
that have been forfeited at Ingredion, with vesting dates designed to mirror
the operation of those awards where applicable. Further details of the
approach adopted by the Committee to determination of this value will be
provided in our Annual Report.
Date of Grant Number of Nil-Cost Options Granted Scheduled Vesting Date
2 May 2023 59,055 23 February 2024
2 May 2023 7,649 2 May 2024
2 May 2023 44,933 28 February 2025
2 May 2023 7,649 2 May 2025
2 May 2023 7,649 4 May 2026
The below notifications, made in accordance with Article 19 of the Market
Abuse Regulation (EU) 596/2014 as it forms part of domestic law by virtue of
the European Union (Withdrawal) Act 2018, give further detail of the nil-cost
option awards made on 2 May 2023.
For further information please contact:
Genus:
Dan Hartley, Group General Counsel and Company
Secretary Tel: +44 (0)1256 347100
Table A - Buy-out of Ingredion awards vesting on 23 February 2024
1. Details of the person discharging managerial responsibilities / person closely
associated
a. Name Jorgen Kokke
2. Reason for the notification
a. Position/status Chief Executive Officer designate
b. Initial notification Initial notification
/Amendment
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name Genus plc
b. LEI 54930022EOITNKSIGH56
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 Ordinary shares of 10p each.
Financial instrument, type of instrument
Identification code
GB0002074580
b. Nature of the transaction Award of nil-cost share options granted under Listing Rule 9.4.2R over
ordinary shares in Genus.
c. Price(s) and volume(s)
Price Volume
0p 59,055
d. Aggregated information
· Aggregated volume
· Price n/a
e. Date of the transaction 2023-05-02
f. Place of the transaction Outside a trading venue.
d.
Aggregated information
· Aggregated volume
· Price
n/a
e.
Date of the transaction
2023-05-02
f.
Place of the transaction
Outside a trading venue.
Table B - Buy-out of Ingredion awards vesting on 2 May 2024
1. Details of the person discharging managerial responsibilities / person closely
associated
a. Name Jorgen Kokke
2. Reason for the notification
a. Position/status Chief Executive Officer designate
b. Initial notification Initial notification
/Amendment
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name Genus plc
b. LEI 54930022EOITNKSIGH56
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 Ordinary shares of 10p each.
Financial instrument, type of instrument
Identification code
GB0002074580
b. Nature of the transaction Award of nil-cost share options granted under Listing Rule 9.4.2R over
ordinary shares in Genus.
c. Price(s) and volume(s)
Price Volume
0p 7,649
d. Aggregated information
· Aggregated volume
· Price n/a
e. Date of the transaction 2023-05-02
f. Place of the transaction Outside a trading venue.
d.
Aggregated information
· Aggregated volume
· Price
n/a
e.
Date of the transaction
2023-05-02
f.
Place of the transaction
Outside a trading venue.
Table C - Buy-out of Ingredion awards vesting on 28 February 2025
1. Details of the person discharging managerial responsibilities / person closely
associated
a. Name Jorgen Kokke
2. Reason for the notification
a. Position/status Chief Executive Officer designate
b. Initial notification Initial notification
/Amendment
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name Genus plc
b. LEI 54930022EOITNKSIGH56
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 Ordinary shares of 10p each.
Financial instrument, type of instrument
Identification code
GB0002074580
b. Nature of the transaction Award of nil-cost share options granted under Listing Rule 9.4.2R over
ordinary shares in Genus.
c. Price(s) and volume(s)
Price Volume
0p 44,933
d. Aggregated information
· Aggregated volume
· Price n/a
e. Date of the transaction 2023-05-02
f. Place of the transaction Outside a trading venue.
d.
Aggregated information
· Aggregated volume
· Price
n/a
e.
Date of the transaction
2023-05-02
f.
Place of the transaction
Outside a trading venue.
Table D - Buy-out of Ingredion awards vesting on 2 May 2025
1. Details of the person discharging managerial responsibilities / person closely
associated
a. Name Jorgen Kokke
2. Reason for the notification
a. Position/status Chief Executive Officer designate
b. Initial notification Initial notification
/Amendment
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name Genus plc
b. LEI 54930022EOITNKSIGH56
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 Ordinary shares of 10p each.
Financial instrument, type of instrument
Identification code
GB0002074580
b. Nature of the transaction Award of nil-cost share options granted under Listing Rule 9.4.2R over
ordinary shares in Genus.
c. Price(s) and volume(s)
Price Volume
0p 7,649
d. Aggregated information
· Aggregated volume
· Price n/a
e. Date of the transaction 2023-05-02
f. Place of the transaction Outside a trading venue.
d.
Aggregated information
· Aggregated volume
· Price
n/a
e.
Date of the transaction
2023-05-02
f.
Place of the transaction
Outside a trading venue.
Table E - Buy-out of Ingredion awards vesting on 4 May 2026
1. Details of the person discharging managerial responsibilities / person closely
associated
a. Name Jorgen Kokke
2. Reason for the notification
a. Position/status Chief Executive Officer designate
b. Initial notification Initial notification
/Amendment
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name Genus plc
b. LEI 54930022EOITNKSIGH56
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 Ordinary shares of 10p each.
Financial instrument, type of instrument
Identification code
GB0002074580
b. Nature of the transaction Award of nil-cost share options granted under Listing Rule 9.4.2R over
ordinary shares in Genus.
c. Price(s) and volume(s)
Price Volume
0p 7,649
d. Aggregated information
· Aggregated volume
· Price n/a
e. Date of the transaction 2023-05-02
f. Place of the transaction Outside a trading venue.
d.
Aggregated information
· Aggregated volume
· Price
n/a
e.
Date of the transaction
2023-05-02
f.
Place of the transaction
Outside a trading venue.
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 DSHSSMFAFEDSEFIRecent news on Genus
See all newsREG - Genus - Total Voting Rights
AnnouncementREG - Genus - Interim Results
AnnouncementREG - Genus - Trading Update
AnnouncementREG - Genus - Total Voting Rights
AnnouncementREG - Genus - Block listing Interim Review
Announcement