The cost of the programme is DKK53.0m, assuming
full vesting, based on the average closing share price during the period from 1 February 2019 to 7 February 2019 (the first five trading days after the release of the Annual Report).
Employees receive stock shares worth 15 percent of gross income, with
full vesting after six years tenure.
But Mr Davies, who represents Monmouth, released a letter he has received from Defence Minister Anna Soubry, which says: "Welsh Government officials' intent was that Serco, their appointed contractor, would provide seven-day airfield operating services from July 1,
full vesting day.
Furthermore, the employee exercises options in Year 3 upon
full vesting of options at the end of Year 2.
If
full vesting is conditioned on the future performance of substantial services, the QTP contributions appear to meet the Sec.
The plan has the option of fully vesting employees after three years of service (down from five), or granting employees gradual vesting rights of 20% each year, beginning after two years of service and resulting in
full vesting after six years.
The law now requires that cliff vesting (
full vesting at one point in time) occur at the end of three years instead of five.
The terms of the deal say that if he leaves the group 'prior to the
full vesting of his share tranches, and without the express consent of SMG, he forfeits the right to receive any outstanding entitlement'.
Partial vesting began at six years and
full vesting applied at 10 years.