TIDMNARF
RNS Number : 9304L
Narf Industries PLC
11 September 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018, AS AMED. ON PUBLICATION OF THIS ANNOUNCEMENT
VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
11 September 2023
NARF INDUSTRIES PLC
EMPLOYEE SHARE OPTION PLAN
Narf Industries plc ("Narf", the "Company", or the "Group"),
(LSE: 'NARF')(OTCQB: NFIN.F), the cybersecurity group specialising
in high-end threat intelligence and critical infrastructure
security, announces the adoption of an employee share option plan
(the "Plan") and the granting of employee share options, including
to Directors of the Company.
Employee Share Option Plan
The Company has adopted an employee share option plan as part of
the long-term incentives it is establishing for Group employees in
line with the remuneration policy set out in the Company's
consolidated annual financial statements. The aims of the Plan are
threefold:
1) To reward Group employees and the Board for progress made to
date in setting the Group towards a path of strong growth;
2) To incentivise Group employees to commit their medium to long
term futures to the Group as it continues to grow; and
3) To reward those Board members and key Group employees who
will have the greatest impact on the Company's share price for
achieving milestones that are expected to enhance shareholder
value.
Grant of options
Currently, no employees and only one of its three directors have
options in the Company. The Board, on the recommendation of the
Remuneration Committee, has granted a total of 391,214,900 employee
share options under the Plan. The share options are exercisable at
1p per share, a 30% premium to the most recent closing share
price.
Of the total grant:
-- 91,825,000 share options are for past progress and, accordingly, vest immediately;
-- 77,107,450 will vest on the achievement of certain milestones; and
-- 222,282,450 will mainly vest quarterly over the 12 quarters
starting 1 October 2023, with vesting starting at a later date for
some recent joiners, and a slightly shorter vesting period for some
key staff.
Milestones for the granting of options have been specifically
tailored to the activities of the relevant employee with more than
50% of the share options depending on a targeted uplift in revenues
being achieved for each of the 2023 and 2024 financial years, with
the remainder relating to the enhancement of the Company's
corporate governance.
Of the share options issued under the Plan, 75,000,000 have been
issued to Steve Bassi, Chief Executive, 54,714,900 have been issued
to John Herring, Executive Chairman, and 16,000,000 to Rory Heier,
Director. The sp lit of the director options between the three
types outlined is as follows:
Past service Time based Milestones
Steve Bassi 13,750,000 41,250,000 20,000,000
------------- ----------- -----------
John Herring - 27,357,450 27,357,450
------------- ----------- -----------
Rory Heier - 8,000,000 8,000,000
------------- ----------- -----------
T he total number of options granted under the Plan represents
18% of the fully diluted shares outstanding, and with all
outstanding options and warrants (an additional 100,000,000),
represent 22.5% of the fully diluted shares outstanding.
Further details in respect of options issued to Directors are
set out in the PDMR form below, made in accordance with the Market
Abuse Regulation (EU) No. 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018.
S
For further information on the Group please visit
www.narfgroup.com or contact:
John Herring NARF Tel: +44 (0) 20 3468
2212
Catherine Leftley/Paul Dulieu/Isabel St Brides narf@stbridespartners.co.uk
de Salis Partners
-------------------- ----------------------------
Peter Krens Tennyson Securities Tel: +44 (0)207 186
9030
-------------------- ----------------------------
About NARF Industries plc
Narf Industries (LSE: NARF)(OTCQB: NFIN.F) is a US based cyber
security group specialising in high-end threat intelligence with a
focus on critical infrastructure. The Group leads commissioned
cyber security R&D and is commercialising a portfolio of
products including TIGR that can be used by utilities and cyber
first responders to restore power to electric grids and protecting
other key infrastructure that have suffered a cyber-attack. The
Group aims to further strengthen its portfolio organically and via
acquisition; its team of highly qualified cyber security experts is
well placed to identify opportunities.
Important notice
The content of this announcement has not been approved by an
authorised person within the meaning of the Financial Services and
Markets Act 2000 (FSMA). This announcement has been issued by and
is the sole responsibility of the Company. The information in this
announcement is subject to change. This announcement is not an
offer of securities for sale into the United States. The securities
referred to herein have not been and will not be registered under
the U.S. Securities Act of 1933, as amended (the Securities Act),
and may not be offered or sold, directly or indirectly, in or into
the United States, except pursuant to an applicable exemption from
registration. No public offering of securities is being made in the
United States. This announcement is not for release, publication or
distribution, directly or indirectly, in or into the United States,
Australia, Canada, the Republic of South Africa, Japan or any
jurisdiction where to do so might constitute a violation of local
securities laws or regulations (a Prohibited Jurisdiction). This
announcement and the information contained herein are not for
release, publication or distribution, directly or indirectly, to
persons in a Prohibited Jurisdiction unless permitted pursuant to
an exemption under the relevant local law or regulation in any such
jurisdiction.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them:
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Steve Bassi
--------------------------------- ------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position/status Director
--------------------------------- ------------------------------------
b) Initial notification/ Initial notification
Amendment
--------------------------------- ------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Narf Industries Plc
--------------------------------- ------------------------------------
b) LEI 213800K484JECP4RK284
--------------------------------- ------------------------------------
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 Grant of options over ordinary
instrument, type of instrument shares of GBP0.0001p each in Narf
Industries Plc
Identification code
GB00BMH18M705
--------------------------------- ------------------------------------
b) Nature of the transaction Grant of options over ordinary
shares
--------------------------------- ------------------------------------
c) Strike Price(s) and volume(s) Price Volume(s)
GBP0.01 75,000,000
--------------------------------- ------------------------------------
d) Aggregated information N/A
* Aggregated volume
* Price
--------------------------------- ------------------------------------
e) Date of the transaction 11 September 2023
--------------------------------- ------------------------------------
f) Place of the transaction Off-Market
--------------------------------- ------------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name John Herring
------------------------------------ -----------------------------------
2 Reason for the notification
-------------------------------------------------------------------------
a) Position/status Director
------------------------------------ -----------------------------------
b) Initial notification/ Initial notification
Amendment
------------------------------------ -----------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------
a) Name Narf Industries Plc
------------------------------------ -----------------------------------
b) LEI 213800K484JECP4RK284
------------------------------------ -----------------------------------
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 Grant of options over ordinary
instrument, type of instrument shares of GBP0.0001p each in Narf
Industries Plc
Identification code
GB00BMH18M705
------------------------------------ -----------------------------------
b) Nature of the transaction Grant of options over ordinary
shares
------------------------------------ -----------------------------------
c) Strike Price(s) and volume(s) Price Volume(s)
GBP0.01 54,714,900
------------------------------------ -----------------------------------
d) Aggregated information N/A
* Aggregated volume
* Price
------------------------------------ -----------------------------------
e) Date of the transaction 11 September 2023
------------------------------------ -----------------------------------
f) Place of the transaction Off-Market
------------------------------------ -----------------------------------
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Rory Heier
--------------------------------- ------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position/status Director
--------------------------------- ------------------------------------
b) Initial notification/ Initial notification
Amendment
--------------------------------- ------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Narf Industries Plc
--------------------------------- ------------------------------------
b) LEI 213800K484JECP4RK284
--------------------------------- ------------------------------------
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 Grant of options over ordinary
instrument, type of instrument shares of GBP0.0001p each in Narf
Industries Plc
Identification code
GB00BMH18M705
--------------------------------- ------------------------------------
b) Nature of the transaction Grant of options over ordinary
shares
--------------------------------- ------------------------------------
c) Strike Price(s) and volume(s) Price Volume(s)
GBP0.01 16,000,000
--------------------------------- ------------------------------------
d) Aggregated information N/A
* Aggregated volume
* Price
--------------------------------- ------------------------------------
e) Date of the transaction 11 September 2023
--------------------------------- ------------------------------------
f) Place of the transaction Off-Market
--------------------------------- ------------------------------------
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END
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