Two of Airtel Africa Plc’s top directors, Olusegun Ogunsanya and Jaideep Kishore Paul, have received shares worth £2.3 million.
According to the company’s announcement, the shares were given out in accordance with the company’s Long-Term Incentive Plan, which was created to reward directors for their long-term success.
The CEO of the company, Ogunsanya, received 1,420,828 shares, while Paul, the CFO, received 633,704 shares. At the current share price of £1.1197, the shares are worth a total of £2.3 million.
The directors must achieve specific performance goals in order for the shares to vest over a five-year period.
According to the Airtel Africa Long Term Incentive Plan’s (LTIP) terms, “On June 27, 2023, the Company granted the awards over Ordinary Shares to PDMRs at no cost.”
The disclosure made by Group Company Secretary Simon O’Hara noted that the amount of Award Shares shown is the maximum number that may vest under the Awards, typically following the third anniversary of the award date.
“How many Award Shares actually vest will depend on how well the performance standards have been met.
“The holding period for the 2023 Awards will last until the fifth anniversary of the grant date,” the business added.
The company’s total shareholding will change when the shares vest, and there may be a small dilution of that total shareholding overall.
Executive share plans, in which a corporation grants share-based awards to top personnel with a vesting period of at least three years, are sometimes referred to as long-term incentive plans among listed companies.
