Business
Variation in Directors’ terms of employment
Variation in Directors’ terms of employment.
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\n\n\nFor immediate release\n 21 December 2009\n\n Serabi Mining plc\n (“Serabi†or “the Companyâ€)\n Variation in Directors’ terms of employment\n Cancellation of existing options and award of new options.\n\nThe Board of Serabi announces that the Directors’ employment terms and\nconditions have been amended today with effect from 1 November 2009.\n\nThe Directors have, since the end of 2008, been paid reduced levels of salary.\nThe Directors have today agreed that their salaries and benefits should be\nreduced to reflect the current nature and strategy of the Company. In the case\nof the non-executive directors, this also reflects a reduction in the time\ncommitments they will be obliged to give to the affairs of the Company.  Each of\nthe Directors has also agreed to reduce their contractual notice period.\n\nThe Company estimates that the effect of these changes will be to realise an\nannual saving of over £200,000 by comparison to the previous arrangements.\n\nThe Company and the Directors have also agreed to cancel all the existing\n6,149,582 options over ordinary shares that had been previously awarded to the\nDirectors.\n\nThe Company has agreed to award in aggregate 13,000,000 new options over\nordinary shares to the Directors (representing 3.97 per cent. of the current\nissued share capital) exercisable at 1.5 pence per ordinary share, as follows:\n\n\n Director Number of new options over Ordinary Shares\n\n Mike Hodgson 5,000,000\n\n Clive Line 5,000,000\n\n Graham Roberts 2,000,000\n\n Bill Clough 1,000,000\n\n\nThe options will vest in three equal tranches, with one-third vesting and being\nexercisable immediately on award, one-third vesting on the first anniversary of\nthe award and the remainder vesting on the second anniversary of the award.  The\noptions will lapse 10 years after the date of the award.  Other standard\nprovisions consistent with the terms of the cancelled options apply in respect\nof any corporate restructuring, re-organisation or other variation in the\nordinary shares of the Company.\n\nThe Board is also approaching other options holders who remain employees of or\nconsultants to the Company, with a view to cancelling existing options over\n700,000 ordinary shares held by these individuals.  The Company has set aside a\nfurther 6,300,000 options at ...