FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the
month of March
HSBC Holdings plc
42nd
Floor, 8 Canada Square, London E14 5HQ, England
(Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F).
Form
20-F X Form 40-F
The
following is the text of an announcement released to the Stock
Exchange of Hong Kong Limited on 25 March 2025 pursuant to rules
17.06A, 17.06B and 17.06C of the Rules Governing the Listing of
Securities on The Stock Exchange of Hong Kong Limited:
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of
Hong Kong Limited take no responsibility for the contents of this
document, make no representation as to its accuracy or completeness
and expressly disclaim any liability whatsoever for any loss
howsoever arising from or in reliance upon the whole or any part of
the contents of this document.
25
March 2025
(Hong
Kong Stock Code: 5)
HSBC
HOLDINGS PLC
GRANT
OF CONDITIONAL AWARDS
This
announcement is made pursuant to Rules 17.06A, 17.06B and 17.06C of
the Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited.
On 24
March 2025, HSBC Holdings plc (the "Company") granted conditional awards
("Awards") to employees and
former employees to subscribe for a total of 1,785,450 ordinary
shares of US$0.50 each of the Company ("Shares") under the HSBC Share Plan 2011
(the "Plan").
The
following are the details of the grants:
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Grants to other grantees:
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Category of
grantee
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Employees and former employees
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Number
of shares under Awards
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1,785,450
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Closing
market price of the ordinary shares on the London Stock Exchange on
the date of grant
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GBP
8.866
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Purchase price of
Awards granted
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GBP
0
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Vesting
period of the Awards
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Under
the HSBC Group-wide deferral policy, vesting occurs over a three
year period with 33% vesting on the first and second anniversaries
of grant and 34% on the third anniversary.
Group
and local Material Risk Takers may be subject to longer vesting
periods of up to seven years, as required under the relevant
remuneration regulations. Awards may be subject to a six- or
12-month retention period following vesting.
Immediately vested
share awards may be subject to a six- or 12-month retention period
following vesting.
The
Company views it as appropriate for the immediately vested share
awards to vest immediately and not to be subject to a vesting
period for two reasons:
1)
The immediately vested share award is a non-deferred portion
of the Material Risk Takers remuneration, which must be partly
delivered in shares to comply with UK regulation; each employee
will also be granted a deferred share award for which the vesting
schedule is noted above.
2)
The immediately vested share award is subject to a retention
period of six- or 12-months, during which time the shares cannot be
sold.
The
vesting period for buy-out awards for new hires generally mirror
those of the forfeited awards from the previous employer. Where the
forfeited award was subject to a post vesting retention period, a
retention period will be applied to the buy-out award.
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Performance Targets
and Clawback
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No
performance targets apply to any Plan Awards on the basis that the
Awards are a form of deferred bonus to meet regulatory requirements
in the UK. Performance targets instead attach to the initial award
of the Variable Pay.
Buy-out
awards are subject to clawback where the forfeited award of the
relevant employee's former employer was subject to clawback. Where
the employee's forfeited award was not subject to clawback, no
clawback terms are applied to the replacement HSBC
award.
Clawback applies to
all other Plan Awards in line with the Company's regulatory
obligations as set out in the Company's internal clawback
policy.
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Arrangements for
the Company or a subsidiary to provide financial assistance to the
grantees
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None
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Number
of shares available for future grant under the plan
mandate
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The
Plan is subject to two limits on the number of Shares committed to
be issued under all Plan Awards:
1.
10% of the ordinary share capital of the Company in issue
immediately before that day, less the number of Shares which have
been issued, or may be issued, to satisfy Awards under the Plan, or
options or awards under any other employee share plan operated by
the Company granted in the previous 10 years. The number of Shares
available to issue under this limit is 1,034,314,531.
2.
5% of the ordinary share capital of the Company in issue
immediately before that day, less the number of Shares which have
been issued, or may be issued, to satisfy Awards under the Plan.
The number of Shares available to issue under this limit is
302,089,359.
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For and
on behalf of
HSBC
Holdings plc
Aileen Taylor
Company
Secretary
The Board of Directors of HSBC Holdings plc as at
the date of this announcement comprises: Sir Mark Edward Tucker*,
Georges Bahjat Elhedery, Geraldine Joyce
Buckingham†,
Rachel Duan†,
Dame Carolyn Julie Fairbairn†,
James Anthony Forese†,
Ann Frances Godbehere†, Steven
Craig Guggenheimer†,
Manveen (Pam) Kaur, Dr José Antonio Meade
Kuribreña†,
Kalpana Jaisingh Morparia†,
Eileen K Murray†,
Brendan Robert Nelson† and
Swee Lian Teo†.
* Non-executive
Group Chairman
† Independent
non-executive Director
HSBC
Holdings plc
Registered Office and Group Head Office:
8 Canada Square, London E14 5HQ, United Kingdom
Web: www.hsbc.com
Incorporated in England and Wales with limited
liability. Registration number 617987
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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HSBC
Holdings plc
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By:
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Name:
Aileen Taylor
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Title:
Group Company Secretary and Chief Governance Officer
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Date:
25 March 2025
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