Servoca CEO receives share options

Mon, 8 Feb 2010

Andrew Church, chief executive of Servoca, has received share options on 4.4m ordinary shares of 1p each, based on the performance of the company’s share price.

Under the terms of an agreement between Church and Servoca’s Employee Benefit Trust, the CEO will receive any excess in the value of these shares above  20p a share.

This is dependent on the Employee Benefit Trust selling these shares and cannot be realised before November 2014 unless there is an earlier change of control of the company.

Church already has an existing direct interest in 1,250,000 ordinary shares (representing roughly 1% of the existing issued share capital of the company).

Servoca’s share price stood at 17.5p as Recruiter.co.uk went to press.