RE: Interesting RNS30 Aug 2019 09:45
They key bit
The Board has approved the grant of 13,633,335 share options over ordinary shares of no par value in the Company ("Ordinary Shares") to the Team Members ("Share Options") to incentivise them to achieve certain new performance targets. The Share Options are being made by way of individual share option agreements.
The Share Options have the following vesting terms and exercise prices:
· Discrete packages of the Share Options will vest on the achievement of performance targets relating to any of the following: (a) the approval by Jumelles of the Early Production Project (EPP), including its potential technical and financial feasibility, as the basis for advancing the development of the Zanaga Project ; (b) raising finance either for ZIOC or separately for the development phase of the Zanaga Project; or (c) the completion of a significant merger or acquisition involving ZIOC or any member of the Jumelles Group acquiring a material interest (as determined by the ZIOC board) in a third party or a third party acquiring a material interest (as determined by the ZIOC board) in ZIOC or a member of the Jumelles Group.
· Where a performance target is achieved, 50% of the relevant Share Options will vest and the remaining 50% will vest one year after.
· All the Share Options have an exercise price of 0.01p (one hundredth of one penny) per Ordinary Share.
· All unvested Share Options will vest on the occurrence of certain events, such as a change of control of ZIOC.
· All of the Share Options, once vested, are exercisable within seven years of the date of award.
Total Shares Under Option
Following the award as disclosed in this announcement, in aggregate the newly issued Share Options and existing unexercised share options will represent 6.44% of the Company's current issued share capital.