Business
Executive Service Agreement Variation
Executive Service Agreement Variation.
About this update from Panthera Resources Plc
[{"type":"text","content":"\n\n11 July 2023\n \nPanthera Resources Plc\n(\"Panthera\" or \"the Company\")\n \nExecutive Service Agreement Variation\n \nGold exploration and development company Panthera Resources Plc (AIM: PAT), with gold assets in West Africa and India, announces that the Company has today agreed to vary certain incentivisation terms of the existing executive services agreement in place with the Company's CEO, Mark Bolton and the Company (the \"Executive Service Agreement\").\n \nBackground\n \nOn appointment, Mark Bolton entered into the Executive Service Agreement with Company, which contained, inter alia, certain terms and conditions outlining his entitlements under the Company's executive director incentive arrangements. These incentive arrangements have subsequently expired. The 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 \nAs a result, the Company has agreed to vary the terms of Mark Bolton's Executive Service Agreement, as such that Mark Bolton shall be entitled to the automatic grant of three (3) million options, subject to certain condition precedents outlined below, over new ordinary shares of £0.01 each in the capital of the Company (the \"Ordinary Shares\").\n \nIf the condition precedents outlined below are met, the options to be granted are exercisable into one new Ordinary Share at a strike price of £0.10 (the \"Strike Price\") per Ordinary Share up until 31 March 2024. The strike price of £0.10 represents approximately a 32 per cent premium to the closing mid-market price of the Company's Ordinary Shares on 10 July 2023.\n \nAccordingly, a total of 3 million options, representing approximately 1.9 per cent. of the Company's issued share capital could be granted to Mark Bolton under the revised Executive Service Agreement.\n \nGrant of options condition precedents\n \nThe grant of the options are subject to certain criteria:\na) the grant of the Bhukia Prospecting Licence and securing the follow-on permits required to commence drilling; or, if earlier\nb) securing committed litigation finance (that is available for drawdown by the Company) for...