WorldStage Newsonline– Seplat Petroleum Development Company plc, a leading independent E&P company has announced the grant of 268,029 shares to Mr Roger Brown at nil-cost option in respect of the 2020 Annual LTIP Award under its 2014 Long Term Incentive Plan.
In a notice at the Nigerian Stock Exchange, the oil firm said the grant was being made to reflect Mr Roger Brown’s promotion to CEO effective from 1st August 2020.
It said the award over ordinary shares of 0.5 Naira each was granted to the Executive Director of the Company on 2 December 2020.
“We note that the Company operates a policy to protect shareholders from excessive dilution and manage annual LTIP award levels whereby the number of shares awarded is calculated based on the higher of Seplat’s average share price and £1,” the company said.
“Therefore, the number of shares has been calculated based on a share price of £1 as the share price on 1 August 2020 was £0.59.
“The award will normally vest on 2 December 2023 being the third anniversary of the Award Date subject to relative TSR and underpin performance conditions.
In line with the approach approved by the Remuneration Committee, the number of shares to be granted was calculated by dividing the monetary value of the salary multiple relevant for the PDMR by the higher of the share price on 1 August 2020 or £1. As the share price on 1 August 2020 was £0.59, the calculation has been performed based on £1.”