Business
Grant of Awards Under EIP
Grant of Awards Under EIP.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 6252T Igas Energy PLC 31 March 2016 \n\nIGas Energy plc (the \"Company\")\n31 March 2016\nGrant of awards under the IGas Energy plc Executive Incentive Plan\n \nIGas announces that it has issued options under a long term incentive plan to the Executive Directors of the Company and certain other key employees of the group which will vest, subject to meeting certain criteria, three years from grant.\n \nThere was no ongoing long term incentive plan in place to align Executive Directors and key employees to the interests of shareholders and accordingly, the Remuneration Committee of the Board of IGas Energy plc (the \"Company\") has reviewed the current arrangements for the Executive Directors. The Board recognises the need to have a strong retention and motivational share plan in place for the Executive Directors who are critical to executing the business strategy over the next phase of the Company's development.\n \nAs a result, the Company announces the following grant, equating to 75% of each Executive Directors salary, of nil cost options over ordinary shares of the Company of nominal value 10 pence per share on 30 March 2016 under the Company's Executive Incentive Plan (the \"Plan\"), which was adopted by the Board on 16 March 2016:\n \n\n\n\n\nName\n\n\nPosition\n\n\nNumber of ordinary shares subject to base award\n\n\n\n\n \n\n\n \n\n\n \n\n\n\n\nStephen Bowler\n\n\nChief Executive Officer\n\n\n1,481,520\n\n\n\n\nJulian Tedder\n\n\nChief Finance Officer\n\n\n1,058,228\n\n\n\n\nJohn Blaymires\n\n\nChief Operating Officer\n\n\n1,185,216\n\n\n\n\n \nThe options granted under the Plan take the form of a base award over the number of ordinary shares specified above. The number of ordinary shares over which the options vest may be increased by a multiple of up to two times the number of ordinary shares subject to the base award, if a specified ordinary share price is met at the vesting date.\n \nThe options are subject to malus and clawback provisions contained in the rules of the Plan however for the avoidance of doubt, the maximum number of shares which can be awarded to the CEO, CFO and COO is 2,963,040 2,116,456 and 2,370,432 respectively. The 2 times multiplier will only apply if the ordinary share price at vesting is 75 pence per share or...