pursuant to the Bowleven Long Term Incentive Plan ("LTIP")
In accordance with the Company's remuneration policy the Company's Remuneration Committee resolved at a meeting held on Wednesday 4 December 2013 to grant Awards under the LTIP to the following directors:-
No. of Shares over which awards granted
Percentage of Basic Salary
The number of shares comprised in the above Awards is based upon 75% of basic salary divided by 37.5 pence, being the Company's closing share price on Tuesday 3 December 2013.
Subject to certain performance conditions being satisfied by the Company, the above Awards should ordinarily vest on or around the third anniversary of the date of grant. The Remuneration Committee resolved that, for the purposes of determining the Company's performance against the other companies in the Comparator Group over the three year performance period, the Company's share price as at the date of grant should be adjusted upwards and deemed to be 50 pence, a higher reference price for future share awards than is required under the terms of the LTIP.
No consideration was payable by the directors for the grant of the above Awards.
Not really seen anything to lower my confidence to be honest and can't think of any oil share I've been in where anything has happened to expected timescales so not so fussed about timeframes changing by a few months here and there! Hope all is good with you.
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