- CPPGroup chief executive Stephen Callaghan and chief financial officer Michael Corcoran have been granted 8 million and 5.05 million options each respectively under the group's long term incentive plan 2016.

No consideration was paid for the grant of the awards which are structured as nil cost options.

The vesting of an award is subject to the satisfaction of performance conditions set by the remuneration committee. The awards will normally vest following the third anniversary of the grant and the determination of the performance conditions, and will then normally remain exercisable until the day before the 10th anniversary of the date of the grant provided the individual remains an employee or officer of the company.

Chairman Roger Canham said: "Under Stephen's leadership, CPP is undertaking an operational turnaround and is implementing a growth strategy to seize the substantial market opportunity that exists for this business.

"As part of this, we have put in place an objective and transparent incentivisation structure for our senior management team, designed to attract and retain the best talent available, and closely align their performance with the interests of our shareholders."

At 9:07am: [LON:CPP] CPP Group PLC share price was -1.62p at 10.38p

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