James Cropper has granted share options to four executives under its Long-Term Incentive Plan 2023, with awards priced at 445 pence per ordinary share based on the company’s 10-day average closing price ending August 25, 2026.
The options were issued at nil cost to recipients, including Chief Executive David Stirling, who received options over 121,181 shares. Chief Financial and Operations Officer Andrew Goody was granted options over 21,900 shares, while Managing Director of Paper & Packaging Paul Barber received options over 21,425 shares. General Counsel and Company Secretary Matt Ratcliffe was awarded options over 10,799 shares.
Options become exercisable from August 26, 2029, through August 26, 2036, subject to performance targets covering financial years 2026/27, 2027/28, and 2028/29. Vesting is contingent on two equally weighted metrics: growth in adjusted EBITDA and total shareholder return, each accounting for 50% of the targets.
For adjusted EBITDA, the threshold target for the financial year 2028/29 is £11.9 million, representing a 10.0% compound annual growth rate and resulting in 20% vesting if met. The maximum target is £15.8 million, equating to a 21.1% compound annual growth rate and full vesting at 100%. Total shareholder return thresholds are set at 77.3% for the threshold target and 148.9% for the maximum target.
The company noted that these targets are for long-term incentive purposes only and do not constitute forecasts. The Remuneration Committee retains discretion to adjust awards to prevent formulaic outcomes or windfall gains. Dilution from new share issuances under all share schemes is capped at 10% over any 10-year period.
