FTC Filtronic Plc

28 May 2024

Filtronic plc

 ("Company")

Grant of Options

Filtronic plc (AIM: FTC), the designer and manufacturer of products for the aerospace, defence, telecoms infrastructure, space and critical communications markets, announces that on 24 May 2024, the Board, following the recommendation from the Remuneration Committee, granted new share options ("the Options") to the following director under the existing Filtronic plc Employee Share Option Plan 2020 ("the ESOP"). The Options were a key component of the offer package to attract Mr Edington to join the Company.

The vesting of these options is based on achieving certain performance criteria in the three years prior to vesting. The performance criteria under the ESOP are based on share price growth and adjusted earnings before interest, taxation, depreciation, amortisation and exceptional items ("adjusted EBITDA"), in the three-year vesting period. The Options will fully vest if the share price grows by 2.25 times the share price on the date immediately prior to grant which was 55.12p and will start vesting if the share price has grown by over 1.5 times at the vesting date. The exercise price for the Options is 17.25 pence per share being the same exercise price as the options granted to the scheme participants on 30 November 2023. The Options lapse on the tenth anniversary of the date of grant and no option can be exercised before the third year of the date of grant.

The Remuneration Committee keeps the ESOP scheme under regular review with the timing of grant award varying dependent on previous issue of share options to directors and employees.

Enquiries:

Further details of the PDMR dealing are included below. This information has been provided in accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.