Gear4music in management incentive plan

York-based Gear4music, the online retailer of musical instruments and equipment,  announced on Tuesday a new long-term management incentive plan “to incentivise senior employees in a manner that aligns with the interests of the company’s shareholders.”

The firm’s CEO Andrew Wass, CFO Chris Scott and CCO Gareth Bevan are among those to benefit from the plan.

“The plan involves the issue of 210,000 ‘B’ Ordinary shares in Gear4music Limited, a subsidiary of the company,” said the York firm.

“These ‘B’ shares vest from 2021-26 and can be exchanged on a one-for-one basis for new ordinary company shares subject to meeting specified criteria, including reaching a specified target share price for 75% of the award, and pre-determined revenue and profitability targets for 25% …

“The ‘B’ shares are non-voting, non-dividend restricted shares.

“The initial subscription cost is paid by way of a cash bonus.”

Gear4music’s chairman Ken Ford said: “We wish to retain and incentivise key employees and to ensure that the interests of those individuals are closely aligned to the interests of our shareholders.

“The company has enjoyed great success since coming to market, and has ambitions for long-term, sustained growth and this scheme reflects this by encouraging management to invest in future growth.

“The company has introduced the plan to play a central role in the achievement of these aims and demonstrates Andrew, Gareth, Chris and the other senior management’s commitment to and belief in the long-term success of the group.”