14 Jul 2015 07:00
14 July 2015
IGas Energy Plc
("IGas" or the "Company")
Grant of Share Incentive Awards
To recognise the changing requirements of the business and the restructuring of the management team IGas' Remuneration Committee has reviewed the current incentive arrangements for the Executive Directors. The Remuneration Committee recognises an immediate need to have a strong retention mechanism in place for the Executive Directors who are critical to executing the business strategy over the next phase of the Company's development.
As a result, the Company announces the following grant of nil cost options to the Executive Directors on 13 July 2015 under the Company's Executive Director Retention Plan (the "Plan"), which was adopted by the Board on 13 July 2015:
Name | Position | Number of ordinary shares subject to nil cost option |
Stephen Bowler | Chief Executive Officer | 3,500,000 |
John Blaymires | Chief Operating Officer | 3,000,000 |
The Plan is an exceptional share arrangement used only to facilitate the grant of the nil cost options set out above. It is not intended that the Plan will be used to grant any further awards over the next stage of the Company's development. The options issued under the Plan will vest and become exercisable on the first anniversary of the date of grant of the retention award subject to the Executive Directors continued employment with the Group and will be subject to a one year holding period following the date of vesting. Options will normally remain exercisable for seven years following the date of vesting.
The Company also announces that, in conjunction with the grant of the new Retention Plan share awards, the Executive Directors have waived their rights to the following awards granted to them on under the Company's 2014 Value Creation Plan adopted by the Board of Directors and the Company's 2011 Long Term Incentive Plan :-
2014 Value Creation Plan | ||||
Name | Position | Number of Performance Units | ||
Stephen Bowler | Chief Executive Officer | 21 | ||
John Blaymires | Chief Operating Officer | 21 | ||
2011 LTIP | ||||
Name | Position | Number of ordinary shares subject to nil cost option | ||
Stephen Bowler | Chief Executive Officer | 767,424 | ||
John Blaymires | Chief Operating Officer | 481,721 | ||
-ENDS-