Directors and senior executives at Newcastle-headquartered software giant Sage will earn shares worth millions of pounds if they hit performance targets in 2017.
Chief executive Guy Berruyer, chief finance officer Stephen Hare and seven members of the executive committee have been granted a highly lucrative incentive to spur on the firm’s fortunes, in the form of awards over ordinary shares in Sage Group under the firm’s Performance Share Plan.
A statement issued on the London Stock Exchange announced that each member of the senior team can acquire a maximum number of shares on the vesting of the award on March 10, 2017, “subject to the satisfaction of performance conditions and continued employment”.
In all, the firm has pledged to give the nine executives more than 2.2 million shares – worth more than £9m if they were to be sold at the current share price of around 416p – if they reach targets. Berruyer will acquire 464,894 – worth currently £1.93m – while Hare will acquire 286,088, worth £1.19m.
Confidence in the company was strengthened last week when Sage said it has been informed that Drummond Hall, a non-executive director purchased 10,000 shares.