Business
Award of Options
Award of Options.
About this update from Petro Matad Limited
[{"type":"text","content":"\n RNS Number : 2702P Petro Matad Limited 13 July 2010 \n \n\n \nPetro Matad Limited - \"Petro Matad\" or the \"Company\"\n \nAward of Options\n \n \nThe Board of Petro Matad announces the grant of options (\"New Options\") and performance share awards (\"Performance Shares\") to directors and employees of Petro Matad following the annual grant review by the Board and the passing of a board resolution on 9 July 2010 under the Company's Long Term Equity Incentive Plan, the purpose of which is to incentivise and retain staff. \n \nPursuant to the rules of the Petro Matad Long Term Equity Incentive Plan, the Company's Remuneration Committee has approved the New Options and Performance Shares to be awarded to the executive directors. \n \nThe Board has approved the issue of an aggregate of 3,319,000 New Options at an exercise price of 46.16 pence per ordinary share, as determined by the volume weighted average price of the Company's share price and trading record for the previous 30 dealing days immediately preceding 9 July 2010, being the date of grant. This aggregate number includes 950,000 New Options issued to directors of the Company. The vesting terms of the New Options are that 33 per cent. shall vest on the first of anniversary of the date of grant, 33 per cent. on the second anniversary of the date of grant and 34 per cent. on the third anniversary of grant. \n \nIn addition, the Board has approved the issue of an aggregate of 2,671,000 Performance Shares. This aggregate number includes 450,000 Performance Shares issued to directors of the Company. The vesting terms of the Performance Shares are that 25 per cent. shall vest on the first discovery of oil on a commercial scale, 25 per cent. shall vest on the first production of oil on a commercial scale and 50 per cent. shall vest on the Company selling 1 million barrels of oil. \n \nDisclosure of Directors' Options\n \nThe number of New Options and Performance Shares issued to each director is set out in the table below:\n \n \n\n\n\n\nName\n\n\nNumber of shares subject to New Option\n\n\nNumber of Performance Shares\n\n\n\n\nDouglas McGay\n\n\n550,000\n\n\n250,000\n\n\n\n\nClyde Evans\n\n\n450,000\n\n\n200,000\n\n\n\n\nGordon Toll\n\n\n175,000\n\n\n175,000\n\n\n\n\nJanchiv Oyungerel\n...