Ceramic Fuel Cells announces employee share options

Ceramic Fuel Cells Ltd. (CFCL) has announced that on 28 March 2008 it granted 2,051,900 options over Ordinary Shares to employees under the CFCL Directors and Employee Benefits Plan ("Plan").  Under the Plan, approved by shareholders in November 2006, the Board offers options to staff as a long-term incentive component of remuneration. 

The company says this grant of options recognises their recent achievements, particularly the volume order from Nuon for 50,000 units, based on agreed performance targets, announced on 27 February 2008. Under this offer, options were granted to a total of 84 staff members, including all senior managers. The Exercise Price of each option is A$0.46, which is equal to the average of CFCL's closing price on ASX over the month of February 2008.  The options have a one-year waiting period, and can be exercised in the period 28 March 2009 - 27 March 2018 (unless they lapse earlier under the Plan rules).

As part of this offer, the Board also proposes to grant options to Managing Director Mr Brendan Dow, however this offer is subject to shareholder approval.  The Board intends to seek shareholder approval at the next general meeting, likely in November 2008.  The terms of the proposed offer to Mr Dow will be fully described in the notice of that meeting.

Source: Fuel Cell Today