TIDMGNS
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
cGBP4m, 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
GBP480,930 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 Scheduled
Options Granted Vesting Date
2 May 2023 23 February
59,055 2024
------------------- --------------
2 May 2023 7,649 2 May 2024
------------------- --------------
2 May 2023 28 February
44,933 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 Ordinary shares of 10p each.
the
Financial instrument,
type of instrument GB0002074580
Identification
code
============================== ==============================================
b. Nature of the Award of nil-cost share options granted under
transaction Listing Rule 9.4.2R over ordinary shares
in Genus.
============================== ==============================================
c. Price(s) and Price Volume
volume(s) 0p 59,055
-------
============================== ==============================================
d. Aggregated information
* Aggregated volume
n/a
* Price
============================== ==============================================
e. Date of the transaction 2023-05-02
============================== ==============================================
f. Place of the Outside a trading venue.
transaction
============================== ==============================================
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 Ordinary shares of 10p each.
the
Financial instrument,
type of instrument GB0002074580
Identification
code
============================== ==============================================
b. Nature of the Award of nil-cost share options granted under
transaction Listing Rule 9.4.2R over ordinary shares
in Genus.
============================== ==============================================
c. Price(s) and Price Volume
volume(s) 0p 7,649
-------
============================== ==============================================
d. Aggregated information
* Aggregated volume
n/a
* Price
============================== ==============================================
e. Date of the transaction 2023-05-02
============================== ==============================================
f. Place of the Outside a trading venue.
transaction
============================== ==============================================
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 Ordinary shares of 10p each.
the
Financial instrument,
type of instrument GB0002074580
Identification
code
============================== ==============================================
b. Nature of the Award of nil-cost share options granted under
transaction Listing Rule 9.4.2R over ordinary shares
in Genus.
============================== ==============================================
c. Price(s) and Price Volume
volume(s) 0p 44,933
-------
============================== ==============================================
d. Aggregated information
* Aggregated volume
n/a
* Price
============================== ==============================================
e. Date of the transaction 2023-05-02
============================== ==============================================
f. Place of the Outside a trading venue.
transaction
============================== ==============================================
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 Ordinary shares of 10p each.
the
Financial instrument,
type of instrument GB0002074580
Identification
code
============================== ==============================================
b. Nature of the Award of nil-cost share options granted under
transaction Listing Rule 9.4.2R over ordinary shares
in Genus.
============================== ==============================================
c. Price(s) and Price Volume
volume(s) 0p 7,649
-------
============================== ==============================================
d. Aggregated information
* Aggregated volume
n/a
* Price
============================== ==============================================
e. Date of the transaction 2023-05-02
============================== ==============================================
f. Place of the Outside a trading venue.
transaction
============================== ==============================================
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 Ordinary shares of 10p each.
the
Financial instrument,
type of instrument GB0002074580
Identification
code
============================== ==============================================
b. Nature of the Award of nil-cost share options granted under
transaction Listing Rule 9.4.2R over ordinary shares
in Genus.
============================== ==============================================
c. Price(s) and Price Volume
volume(s) 0p 7,649
-------
============================== ==============================================
d. Aggregated information
* Aggregated volume
n/a
* Price
============================== ==============================================
e. Date of the transaction 2023-05-02
============================== ==============================================
f. Place of the Outside a trading venue.
transaction
============================== ==============================================
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