OnTheMarket has issued share options to incentivize four members of its C-suite to stay with the company until at least 2025.
CEO Jason Tebb, CFO Tom Carter, CPTO Morgan Ross and CCO (Chief Commercial Officer) Helen Whiteley have been granted over three million ordinary shares pro-rata, vesting in two equal tranches in 2025 and 2026 respectively.
The share options consist of a mix of Deferred Bonus Plans (DBPs) and Long Term Incentive Plans (LTIPs) worth £0.002 (0.2pence) should each member of the senior management team meet conditions including continued employment and performance-based objectives including the company's CAGR total shareholder return.
Tebb has been incentivized with just short of 1.5M shares—including a one-off award of 551,543 shares set to vest in 2026 with an exercise option in 2028—assuming he stays in situ as CEO until that date.
The share option comes as OnTheMarket recorded YoY revenue increases of 14% in its results for the 12 months ended January 31st, boosted by average revenue per agent of £210 (up 12% YoY):
The UK challenger has over £11M in cash with no borrowings, but a difficult real estate market in the UK led to a dropoff in website traffic (down 14% YoY) and agent numbers (down 1.5%).
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