Business
CEO Incentive Package
CEO Incentive Package.
About this update from Panthera Resources Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the publication of this announcement via a Regulatory Information Service (\"RIS\"), this inside information is now considered to be in the public domain.\n \n29 July 2024\n \nPanthera Resources Plc\n(\"Panthera\" or \"the Company\")\n \nCEO Incentive Package\n \nGold exploration and development company Panthera Resources Plc (AIM: PAT), with assets in West Africa and India, announces that the board of directors of Panthera (the \"Board\") has today agreed to a new incentive package for the Company's CEO, Mark Bolton.\n \nBackground\n \nOn appointment, Mark Bolton entered an executive service agreement with the Company, which contained, inter alia, certain terms and conditions outlining his entitlements under the Company's executive director incentive arrangements. These incentive arrangements, including a subsequent one-year extension, have since expired. \n \nThe Board recognises the importance of aligning the executive directors' long-term interests with that of the Company's shareholders, including through, amongst other ways, the encouragement of increasing long-term shareholder value.\n \nIssue of Options\n \nThe Company has agreed to a new incentive arrangement with Mr Bolton comprising the grant of 4.5 million options, subject to certain vesting conditions outlined below, over new ordinary shares of £0.01 each in the capital of the Company (the \"Ordinary Shares\").\n \nIf the conditions outlined below are met, each of the options is exercisable into one new Ordinary Share. The weighted average strike price of approximately £0.15 represents approximately a 100 per cent premium to the closing mid-market price of the Company's Ordinary Shares on 29 July 2024.\n \nThe 4.5 million options represent approximately 2.3 per cent of the Company's current issued share capital.\n \nVesting Conditions\n \n\n\n\n\nNumber of Options\n\n\nExercise Price\n\n\nVesting Date\n\n\nExpiry Date\n\n\n\n\n500,000\n\n\n8.0p\n\n\n29 July 2024\n\n\n31 March 2027\n\n\n\n\n1,000,000\n\n\n12.5p\n\n\n1 April 2025\n\n\n31 March 2029\n\n\n\n\n1,000,000\n\n\n15.0p\n\n\n1 Ap...