Business
Grant of awards under Executive Incentive Plan
Grant of awards under Executive Incentive Plan.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 7290T Igas Energy PLC 16 October 2017 \n\n16 October 2017\nIGas Energy plc (the \"Company\" or the \"Group\")\nGrant of awards under the IGas Energy plc Executive Incentive Plan\nIGas announces that it has issued options under a long term incentive plan to certain Directors, Persons Discharging Managerial Responsibilities (\"PDMRs\") and other key employees of the Group which will vest, subject to meeting certain criteria, up to three years from grant.\nThe Board recognises the need to have a strong retention and motivational share plan in place for key members of staff to deliver against our business plan. The award, the first since the capital restructuring of the Company, aligns interests to those of shareholders over the medium term. The awards will only vest if certain share price appreciation targets, based off the capital restructuring price (equating to 90p following the share consolidation), are achieved.\nAs a result, the Company announces the following grant to the following Directors and PDMRs, equating to 100% of each Director and PDMR's salary, of nil cost options over ordinary shares of the Company of nominal value 0.002 pence per share on 16 October 2017 under the Company's Executive Incentive Plan (the \"Plan\"), which was adopted by the Board on 16 March 2016:\n\n\n\n\nName of Director/PDMR\n \n\n\nPosition\n\n\nNumber of ordinary shares subject to base award\n\n\n\n\nStephen Bowler\n\n\nChief Executive Officer\n\n\n388,889\n\n\n\n\nJohn Blaymires\n\n\nChief Operating Officer\n\n\n311,111\n\n\n\n\nJulian Tedder\n\n\nChief Finance Officer\n\n\n283,333\n\n\n\n\nThe options granted under the Plan will take the form of a base award over the number of ordinary shares specified above. \nThe number of ordinary shares over which the options vest will depend upon the share price performance of the Company over the vesting period.\nThe options will vest according to the following criteria:\n\n\n\n\nShare Price Appreciation\n\n\nPayout\n\n\nShare Price Range (£)\n\n\n\n\n<8% pa for 3 years\n\n\n\n\n\n0%\n\n\n<£1.13 \n\n\n\n\n8% - 11% for 3 years\n\n\n25%\n\n\n£1.13 - £1.25\n\n\n\n\n12% - 15% for 3 years\n\n\n50%\n\n\n£1.26 - £1.39\n\n\n\n\n16% - 19% for 3 years\n\n\n75%\n\n\n£1.40 - £1.54\n\n\n\n\n20% - 24% for 3 years\n\n\n100%\n\n\n£1.55 - £1.74\n\n\n\n\n25% - 29% for ...