26 March 2002
Toad plc (the 'Company')
Notification of interests of directors - share options.
Further to the appointment of Peter Ward as Executive Chairman of the Company
and the appointment of David Voss as a Non-executive Director of the Company
they have been granted options (the 'Options') over the ordinary shares of 10p
each in the Company, exercisable at a price of 10p each.
The exercise price was set at the higher of the nominal value of the Company
shares and its closing mid market price of 7.5p (as derived from the Daily
Official List of the London Stock Exchange) on 22 March 2002, the day of the
Company's preliminary results announcement for the year ended 31 December 2001.
Mr Ward has been granted 500,000 Options divided into four equal tranches that
vest conditionally upon the achievement of set milestones in the Company's share
price over the market price on 22 March 2002, as follows:
Tranche Share price target for vesting
Mr Voss has been granted 100,000 Options which will vest only when the closing
mid market value of the shares has equalled or exceeded 15p.
The Options will lapse if they remain unexercised on the tenth anniversary of
Wilson Jennings 0208 710 4000
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