RE: Criminal28 Feb 2020 14:59
Executive Salaries:
First Year Remuneration:
As referred to in the recently released Annual Report, the Executive Directors, being Leo Koot and Gordon Stein, and the Executive Management members, being Stewart Ahmed and Tony Hawkins, agreed to receive 50% of their fees for the first year of their employment in Company's shares (the "Remuneration Shares"). This was to align Director and management interests with shareholders and conserve cash resources. It was agreed that the Remuneration Shares would be issued following the first anniversary of their appointment and the number of shares to be issued would be calculated at a price of 2.2 pence per share being the price at the time of the last share placing in March 2017 and broadly equivalent to the price immediately prior to Mr Koot's appointment. The number of Remuneration Shares to be issued to Tony Hawkins' would be calculated at a price of 5.0 pence per share, which was the price immediately prior to his appointment in January 2018.
The Company and the relevant employees have agreed that the Remuneration Shares will take the form of share options, which provided the Company with more flexibility but does not change the number of shares to be issued in any way or provide any additional value to the Executive Directors or Executive Management members.
At the end of Mr Koot's first year of employment on 9 May 2018, he has an option over 6,818,182 shares. These share options may be exercised by Mr Koot, at zero cost to Mr Koot, for a period of up to 7 years and are subject to normal director restrictions on dealing in shares.
Gordon Stein and Stewart Ahmed completed their first year of employment on 15 and 16 June 2018 respectively and each has share options over 4,318,182 shares. These share options are subject to the same terms as Mr Koot for a period of up to 7 years.
Tony Hawkins will receive nil cost share options at the end of his first year of employment on 31 December 2018 in the same manner as Messrs Koot, Stein and Ahmed.
Second Year Remuneration:
At the end of Mr Koot's first year of employment, the Company agreed with him that he would continue to receive 50% of his fees in share options but the number of options to be issued would be calculated at a share price of 5.1 pence per share. It is Mr Koot's intention to continue with these remuneration conditions for the foreseeable future, in particular throughout 2018. In addition, the other Executive Director and Executive Management members, referred to above, have agreed to adopt the equivalent remuneration conditions as Leo Koot in their second year of employment, although all Executive Directors and Executive Management members have the right under their service agreements, in their second year of employment and beyond, to take a higher proportion of their fees in cash by giving the Company one month's prior notice. Any such decision is personal to the Executive.
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