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12 May 2025 16:00
Harbour Energy plc(the "Company" or "Harbour")
Grant of Awards under the Company's 2025 Long Term Incentive Plan ("2025 LTIP")
Following receipt of shareholder approval of the Directors' Remuneration Policy and the Company's 2025 LTIP rules at the Annual General Meeting (the "AGM") which was held on 8 May 2025, the Company has granted the following share awards to the Executive Directors:
Performance Share Awards
On 9 May 2025, Performance Share Awards (the "PSA Awards") were granted to Linda Z. Cook and Alexander Krane (the "Executive Directors"). The PSA Awards have been granted in the form of contingent share awards over ordinary shares in the Company and will only vest if certain performance criteria are met over a three-year performance period from 1 January 2025 to 31 December 2027 (the "Performance Period").
The performance criteria are based on two equally weighted measures: (i) the Company's Total Shareholder Return ("TSR") compared to the FTSE 100 (excluding investment trusts); and (ii) relative TSR compared to a bespoke group of comparators. Full details of the comparator group are set out in the Directors' Remuneration Report included in the 2024 Annual Report and Accounts, available at harbourenergy.com.
Subject to the achievement of the performance criteria and the Remuneration Committee's assessment of overall Company performance, the PSA Awards will normally vest on 7 April 2028, in line with grants made to other eligible employees. The Executive Directors will then be required to hold the net shares for a further two years. The PSA Awards are also subject to malus and clawback provisions.
The PSA Awards were calculated using the average of Harbour's mid-market closing share price for the five dealing days preceding the awards granted to other eligible employees on 7 April 2025.
Director | Percentage of salary awarded | Shares awarded | Award price | Date of award |
Linda Z. Cook | 300% | 1,454,789 | £2.0106 | 9 May 2025 |
Alexander Krane | 240% | 746,045 | £2.0106 | 9 May 2025 |
Restricted Share Awards
On 9 May 2025, Restricted Share Awards (the "RSA Awards") were granted to the Executive Directors. The RSA Awards have been granted in the form of contingent share awards over ordinary shares in the Company.
The RSA Awards are subject to an underpin based on the Remuneration Committee's assessment of the underlying business performance over the vesting period. The RSA Awards will normally vest on 7 April 2028 in line with grants made to other eligible employees. The Executive Directors will then be required to hold the net shares for a further two years. The RSA Awards are also subject to malus and clawback provisions.
The RSA Awards were calculated using the average of Harbour's mid-market closing share price for the five dealing days preceding the awards granted to other eligible employees on 7 April 2025.
Director | Percentage of salary awarded | Shares awarded | Award price | Date of award |
Linda Z. Cook | 100% | 484,929 | £2.0106 | 9 May 2025 |
Alexander Krane | 80% | 248,681 | £2.0106 | 9 May 2025 |
One-Off Award
On 9 May 2025, a one-off award (the "Award") was granted to Alexander Krane to recognise his significant contribution to the business since Harbour was formed in 2021. Please see the Directors Remuneration Policy in the 2024 Annual Report and Accounts for more information.
The Award has been granted in the form of a contingent share award over ordinary shares in the Company and will normally vest on 8 April 2026. The Award is also subject to malus and clawback provisions.
The Award was calculated using Harbour's average closing share price for the five dealing days preceding the award date.
Director | Value of the Award | Shares awarded | Award price | Date of award |
Alexander Krane | £1.25m | 783,699 | £1.5950 | 9 May 2025 |
Enquiries
Harbour Energy plc Tel: 020 7730 1111
Elizabeth Brooks, SVP Investor Relations
Andrew Norman, SVP Communications
Rachel Rickard, Company Secretary
The information set out below is provided in accordance with the requirements of Article 19 of Market Abuse Regulation (MAR).
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Linda Z. Cook | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Executive Officer | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Harbour Energy plc | ||||
b) | LEI | 213800YPC42DYBKVPF97 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.002 pence each GB00BMBVGQ36 | ||||
b) | Nature of the transaction | i) Grant of Performance Share Awards under the Harbour Energy 2025 Long Term Incentive Plan ii) Grant of Restricted Share Awards under the Harbour Energy 2025 Long Term Incentive Plan | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
1,939,718 £0.00 | ||||
e) | Date of the transaction | 2025-05-09 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Alexander Krane | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Financial Officer | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Harbour Energy plc | ||||
b) | LEI | 213800YPC42DYBKVPF97 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.002 pence each GB00BMBVGQ36 | ||||
b) | Nature of the transaction | i) Grant of Performance Share Awards under the Harbour Energy 2025 Long Term Incentive Plan ii) Grant of Restricted Share Awards under the Harbour Energy 2025 Long Term Incentive Plan iii) Grant of one-off award under the Harbour Energy 2025 Long Term Incentive Plan | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
1,778,425 £0.00 | ||||
e) | Date of the transaction | 2025-05-09 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
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