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24 Jan 2014 12:09
Executive Deferred Bonus Plan
Afren plc ("Afren" or the "Company") announces that on 24 January 2014 the following awards under the Afren plc. Executive Deferred Bonus Plan were made to Executive Directors of the Company:
Directors | Allocation of Deferred Bonus Shares (see Note below) |
Osman Shahenshah | 376,389 |
Shahid Ullah | 197,414 |
Darra Comyn | 179,475 |
Note: The Executive Bonus Plan was introduced in 2013 to integrate the previous bonus scheme and exceptional performance awards into a single scheme, which is subject to pre-determined performance standards. Under the bonus plan 50% of the cash bonus award is deferred into Afren shares for three years with the ability to claw back. The awards granted on 24 January 2014 will vest after a three year period subject to continued employment and represent the maximum number of shares that will vest. No consideration was paid for the grant of the awards. No price is payable on the vesting of the awards.
Following the award, the Director's Equity Interests are as follows:
Director | Shares | Options | Performance Share Plan | Total number of shares under the Executive Deferred Bonus Plan following this award |
Osman Shahenshah | 5,895,319 | 13,200,000 | 2,982,220 | 376,389 |
Shahid Ullah | 4,645,722 | 3,000,000 | 1,964,547 | 197,414 |
Darra Comyn | 573,598 | 1,850,000 | 1,789,332 | 179,475 |
The above holdings are at 24 January 2014, being the date of this announcement, and include holdings for Connected Persons.
The above information has been disclosed under DTR 3.1.4
Enquiries
Elekwachi Ukwu
Company Secretary
Afren plc
+ 44 (0) 20 7864 3700
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