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30 Jun 2008 08:00
30 June 2008
PartyGaming Plc
("PartyGaming" or the "Company")
Chief Executive Officer Appointment
Further to the announcement on 15 May 2008, the Board of PartyGaming Plc is pleased to announce that Jim Ryan's appointment as Chief Executive Officer takes effect from today.
In accordance with the terms of his share option grant letter and under the terms of the PartyGaming Plc Share Option Plan, Mr Ryan has today been granted an option (the "Option") over 1.5 million PartyGaming ordinary shares of 0.015 pence each ("Shares") that will vest over the next five years.
No consideration has been paid for the grant of the Option. On exercise, the Option will be satisfied from existing Shares held in the Company's employee benefit trust, the PartyGaming Plc Shares Trust. The Option is exercisable (subject to the Company's dealing code) at nil cost until 30 June 2018 and is not subject to any performance conditions. The options will vest in tranches designed to incentivise Mr Ryan over a five year period to 30 June 2013. Under the terms of his appointment, Mr Ryan has also agreed to build up a minimum holding of 300,000 Shares in the Company.
Mr Ryan currently has no other interest in PartyGaming's share capital.
Contacts:
|
PartyGaming Plc |
+44 (0)20 7337 0100 |
|
Peter Reynolds, Director of Investor Relations |
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|
John Shepherd, Director of Corporate Communications |
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