LONDON - MicroSalt PLC (AIM: SALT), known for its innovative low-sodium salt products, has announced a forthcoming general meeting aimed at seeking shareholder approval for a new long-term incentive plan (LTIP) for its employees. The meeting is scheduled for January 6, 2025, and will also address an addendum to the LTIP to allow for option grants to participants in the United States and other regions.
The company, which has not previously adopted a formal share option plan, granted certain share options through existing remuneration schemes before its ordinary shares were admitted to trading on AIM. The board, with the support of the Remuneration Committee, has conducted a comprehensive review of the company's incentive arrangements to aid in employee retention and motivation.
The proposed LTIP will not exceed 10% of the company's issued share capital. It includes both financial and non-financial vesting criteria and limits the market value of options to 200% of the recipient's annual base salary for the financial year.
MicroSalt's patented technology produces a full-flavor salt that contains approximately 50% less sodium, addressing the global need for healthier food options. With cardiovascular diseases imposing significant health and economic burdens, the company's innovation aligns with the World Health Organization's goal to reduce sodium intake by 30% by 2025.
The circular detailing the LTIP has been sent to shareholders and is also available on the company's website. Shareholders are advised to review the actions to be taken in connection with the General Meeting, as outlined in the circular.
This news is based on a press release statement.
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