Grant of awards under the IGas Energy plc Executive Incentive Plan (“EIP”)
Recognising the continuing need to have a strong retention and motivational share plan in place for key members of staff to deliver against the Company’s business plan, the Board has approved a grant of awards under the Company’s EIP – the sixth such award since EIP was adopted by the Board in 2016.
As a result, the Company announces the following grant of nil cost options over ordinary shares of the Company of nominal value 0.002 pence per share on 7 April 2021 under EIP, adopted by the Board on 16 March 2016:
The option granted under the EIP will take the form of a base award over the number of ordinary shares specified above and will vest three years from the grant date if the following share price targets are achieved according to the following criteria:
Share Price Target
The performance condition is based on the Company’s share price at 7 April 2024. No shares under the option vest if the share price is less than £0.35 per share at the end of the performance period.
The options are subject to malus and clawback provisions contained in the rules of the EIP however for the avoidance of doubt, the maximum number of shares which can be awarded to the CEO under the EIP in any one year is 200% of salary.
The award may become exercisable on the third anniversary of the date of grant of the options, subject to continued employment.
Further details of the EIP are included in the Company’s Directors’ Remuneration Report.
The information set out below is provided in accordance with the requirements of Regulation 19(3) of the UK Market Abuse Regulation No 596/2014:
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