Business
Employee Share Ownership Plan Awards for 2025
Employee Share Ownership Plan Awards for 2025.
About this update from Pantheon Resources Plc
[{"type":"text","content":"\n\n \n25 March 2025 \n \nPantheon Resources plc\nEmployee Share Ownership Plan Awards for 2025\n \nPantheon Resources plc (AIM: PANR) (\"Pantheon\" or \"the Company\"), developing the Kodiak and Ahpun oil fields in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, today announced details of annual awards under the Employee Stock Ownership Plan (\"ESOP\") and the pricing of the share options under the ESOP to be granted to Max Easley following his appointment as CEO.\nHighlights:\n· A total number of 3,191,177 RSUs awarded amongst all staff (versus a total of 9,278,760 awarded in 2024)\n· 5 million share options awarded to Max Easley with an exercise price of $1.15, a 37% premium to the closing price on 24 March, 2025\nAward Background\nUnder the terms of the ESOP, awards are to be made following publication of financial results unless the Company is in a closed period. As announced in October 2024, this will normally be around the time of the AGM. Ordinarily, Pantheon's Non-Executive Directors (\"NEDs\") do not participate in the ESOP, however, as part of his retirement arrangements, Jay Cheatham will receive a final grant of RSUs.\nRSU Grants\nThe Company is today issuing in aggregate 3,191,177 RSUs pursuant to the terms of the ESOP. The number of RSUs in this grant has been calculated using a price of $0.8366, being the closing price on 24 March, 2025 and will vest equally in three annual tranches commencing April 2026. An additional 400,000 RSUs were granted to Max Easley under his employment contract, as announced on 20 February 2025, separate from his participation in the 2025 ESOP awards. Details of grants to Persons Discharging Managerial Responsibilities (\"PDMRs\") are disclosed below.\nLTIP\nIn keeping with the desire for share option grants to be priced at a premium to the market price when awarded, Max Easley's grant of 5,000,000 options (as announced on 20 February 2025) will have a strike price of $1.15 per share. 40% of these options vest in four equal tranches annually beginning on the first anniversary of his employment, the remainder vest upon FID for the Ahpun project being no later than June 30, 2029, subject to having completed two years of employment.\nAwards to PDMRs\nToday's awards to PDMRs of the Com...