Business
Modification to Executive Bonus Plan
Modification to Executive Bonus Plan.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2860B\n Kefi Gold and Copper PLC\n 09 June 2021\n \n \n \n \n 9 June 2021\n \n KEFI Gold and Copper plc\n (\"KEFI\" or the \"Company\")\n \n Modification to Executive Bonus Plan\n \n \n KEFI (AIM: KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, announces that following the announcement made on 7 June 2021 detailing, inter alia, cash bonuses to be paid to the Company's Executive Chairman Harry Anagnostaras-Adams, on the achievement of defined and specific milestones in relation to the Company's Tulu Kapi project, the Directors have received feedback from certain shareholders that they wish to see the payment of the bonuses more explicitly aligned to the achievement of shareholder value.\n \n \n The Company's Remuneration Committee, comprising KEFI's \n four Non-Executive Directors: Mark Tyler (Chairman), Adam Taylor, Norman Ling and Richard Robinson have considered the feedback received from shareholders and have concluded that it is appropriate to modify the milestones for the payment of the cash bonuses to the Executive Chairman to include a minimum KEFI share price criteria. Mr \n Anagnostaras-Adams \n has agreed to these additional terms.\n \n \n \n \n \n The milestones for the payment of the cash bonuses to the Executive Chairman therefore now include defined minimum share price criteria before they become payable, in addition to the previously agreed criteria. The additional criteria have been highlighted in the table below.\n \n \n \n \n \n \n \n \n Milestones for cash bonus\n \n \n Harry Anagnostaras-Adams\n \n \n \n \n Tranche 1: Arranging a long term project finance facility for the Tulu Kapi Project and, not later than 31 December 2021, receipt by the Company of at least the first US$20 million of project funding. Additionally, Tranche 1 will only be paid when the closing mid-price of the Company's shares is above 3.0p for five consecutive trading days.\n \n \n \n US$500,000\n \n \n \n \n Tranche 2: Completion of the Project within the Project budget approved by the senior lenders. Additionally, Tranche 2 will only be paid when the closing mid-price of the Company's shares is above 4.0p for five consecutive trading days.\n \n \n \n US...