Long Term Incentive Plan (“LTIP”) Award

About this update from Gulf Keystone Petroleum Limited

[{"type":"text","content":"\n \n\n\nGulf Keystone Petroleum Ltd (GKP)\n\n\n\nLong Term Incentive Plan (“LTIP”) Award 28-March-2023 / 14:37 GMT/BST\n\n\n28 March 2023 \n\nGulf Keystone Petroleum Limited (LSE: GKP)\n\n(\"Gulf Keystone\" or \"the Company\")\n\n \n\nLong Term Incentive Plan (“LTIP”) Award \n\nIssue under the Deferred Bonus Plan (\"DBP\")\n\nDirector/PDMR Shareholdings\n\n \n\nLTIP\n\n \n\nGulf Keystone Petroleum Limited announces that pursuant to the 2014 Gulf Keystone Long Term Incentive Plan, on 24 March 2023 (the “Award Date”) awards over common shares (“2023 Awards”) were granted to employees and the persons discharging managerial responsibilities (\"PDMRs\") listed below.\n\n \n\nThe LTIP was approved by Gulf Keystone Petroleum Limited’s shareholders at the Company's Annual General Meeting held on 17 July 2014; this is the sixth award to be made under the LTIP and is in accordance with the agreed annual issue cycle which follows release of the Company’s full year results.  The awards are made to eligible employees of the wider workforce, including to employees in Kurdistan.\n\n \n\nThe quantum of 2023 Awards was determined based on a price of 182.4p being the closing mid-market price of the Company on 23 March 2023. The vesting date for the 2023 Awards is 24 March 2026, being the third anniversary from the Award Date. The 2023 Awards are in the form of nil cost options and vesting of them will be in accordance with performance conditions. No consideration is payable for the grant of an Award. \n\n \n\nPerformance Conditions\n\n \n\nVesting of the 2023 Awards is subject to performance conditions which include the requirement for both absolute and relative total shareholder return (“TSR”) targets being met. TSR will be measured over the period of three years from the Award Date. In accordance with recent governance guidelines, the Remuneration Committee has the discretion to review vesting outcomes to ensure a fair reflection of performance.\n\n \n\nAwards\n\n \n\nThe following PDMRs have been granted 2023 Awards under the LTIP:\n\n \n\n\n Name\n \n \n Position\n \n \n Number of awards\n \n \n Jon Harris\n \n \n Chief Executive Officer\n \n \n 515,351\n \n \n Ian Weatherdon\n \n \n Chief Financial Officer\n \n \n 317,303\n \n \n John Hulme\n \n \n Chief Operating Officer...

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