b) |
Nature of the transaction |
Grant of ADR options In line with the announcement made on 12 October 2018, Prudential plc entered into an agreement on 14 March 2019 with Michael Falcon to replace unvested awards forfeited as a consequence of joining Prudential plc on 1 January 2019. Under the agreement Mr Falcon has been granted an option entitling him to receive a cash amount equal to the market value of a specified notional number of Prudential ADRs on the date of exercise, less an option price of 12.642 cents (being the US $ equivalent of 10 pence per ADR on 19 December 2018, the last day of Mr Falcon's JP Morgan Asset Management employment). The option will vest on the dates detailed below:
Exercise Period |
Number of notional Prudential PLC ADRs |
25 October 2019 to 24 November 2019 |
11,224 |
30 days commencing on the date of release of Prudential plc's Full Year Results for 2019 |
30,938 |
30 days commencing on the date of release of Prudential plc's Full Year results for 2020 |
14,380 |
This replacement award has been made on a like-for-like basis, with the option exercisable in accordance with the original vesting timeframe which attached to the forfeited awards. This arrangement has been put in place in accordance with Listing Rule 9.4.2, which allows an individual scheme to be put in place to assist with the recruitment of an executive director, and is consistent with Prudential plc's Directors' Remuneration Policy. |
