ALPHAWAVE IP GROUP
PLC
Grant of Awards to Persons
Discharging Managerial Responsibilities (PDMRs)
LONDON, United Kingdom and TORONTO, Ontario, Canada 23 October
2024 - Alphawave IP Group plc (LSE: AWE, the "Company" or "Alphawave
Semi").
In alignment with what was reported
in the 2023 Annual Report, on 25 June 2024 awards of ordinary
shares of £0.01 each in the capital of the Company were granted
under the Alphawave IP Group plc Long Term
Incentive Plan (the "LTIP") to a PDMR of the
Company as follows:
|
PDMR
|
Number of shares over which
awards were granted
|
|
2024 STIP
Bonus
|
2024 LTIP
Award
|
|
Tony
Pialis
|
Maximum
opportunity of 150% of salary
|
Maximum
opportunity of 300% of salary with stretching performance
conditions.
|
2024 STIP Bonus Deferral
Award
The payout of the STIP bonus award
will be subject to the achievement of stretching performance
targets based on Revenue, EBITDA and Operating Cash Flow. The
Remuneration Committee decided to introduce an Operating Cash Flow
element this year in response to feedback from shareholders during
the consultation exercise. Weighting distribution is based on the
business' continued focus on generating revenue, while equally
balancing profitability and operating cash flow.
One-third of any bonus will be
deferred into shares for a period of two years.
|
Measure
|
Weighting
|
|
Revenue
|
60%
|
|
Adjusted EBITDA
|
20%
|
|
Operating Cash Flow
|
20%
|
2024 LTIP
Award
As
described in the 2023 Annual report and
financial statements, the 2024 LTIP Award will be linked to the
achievement of stretching performance targets, closely aligned with
the creation of value for shareholders. Consistent with previous
years, these will be based on three-year Relative Total Shareholder
Return ('TSR') (70% weighting) and adjusted EPS growth (30%
weighting) performance conditions as summarised in the table
below:
|
Weighting
|
Measure / Performance
Condition
|
Index
|
Threshold
(25% vesting)
|
Maximum
(100% vesting)
|
|
35%
|
Relative TSR
|
FTSE 250
|
Median
|
Upper Quartile
|
|
35%
|
Relative TSR
|
FTSE All-World Technology
Index
|
Median
|
Upper Quartile
|
|
30%
|
Adjusted EPS growth
|
Not applicable
|
10% CAGR
|
40% CAGR
|
These
performance metrics have been selected as appropriate measures, as
they align with Alphawave Semi's long-term shareholder interests.
The targets were set at a level the Remuneration Committee believes
to be appropriately stretching taking into account both internal
performance expectations and external analyst forecasts.
The
Remuneration Committee has chosen to use TSR as an important
measure of value created for our shareholders and measure against
the constituents of the FTSE 250, reflecting our UK listing, and
against those of the All-World Technology Index, reflecting our
sector.
Adjusted EPS means, for any financial year, Alphawave Semi's
earnings per share as shown in the Company's accounts for that
year, adjusted for one-off expenditure or revenue (such as costs
associated with mergers and acquisitions), expenses that vary
significantly between periods (such as share-based payments) and
expenses that do not relate to Alphawave Semi's operating
performance (such as exchange gains or losses). Such adjustments
may be made as the Remuneration Committee considers
appropriate.
Kim Clear
Company Secretary
Email: cm-alphawave@linkgroup.co.uk
23 October 2024
LEI: 213800ZXTO21EU4VMH37