Awards of RSUs
For the year 2024, the Board of Directors have granted 640,032 RSUs to the key employees of the Company under the Long-Term Incentive Plan ("LTIP") approved by the shareholders at the 2024 Annual General Meeting. The awards are based on specific performance criteria as previously approved by the Board of Directors.
One RSU will entitle the holder to receive one share in the Company against payment in cash of the par value for the share. The par value is currently
Of the 640,032 RSUs, the primary insiders have been granted the following:
John Hamilton , the Chief Executive Officer of the Company has been granted 189,615 RSUs;Qazi Qadeer , the Chief Financial Officer of the Company has been granted 93,509 RSUs; andRichard Morton , the Technical Director of the Company has been granted 83,438 RSUs.
The remaining 273,470 RSUs have been granted to other key employees.
Exercise of existing RSUs - settlement and Mandatory Notification of Trades
Under the Company's LTIP, 566,406 RSUs from the prior years' grants have vested and automatically exercised. In accordance with the terms and conditions of the RSUs, for this tranche the Board of Directors have decided to settle the RSUs in cash having taken into consideration the Company's ongoing share buy-back programme. The cash settlement for each of the exercised RSU is after taking into account the difference between
The total settlement of RSUs for primary insiders is as follows:
John Hamilton , Chief Executive Officer has exercised 164,672 RSUs which will be paid at Settlement Price. Following this,Mr. Hamilton controls 763,836 shares in the Company and holds 363,818 RSUs.Qazi Qadeer , Chief Financial Officer has exercised 72,067 RSUs which will be paid at Settlement Price. Following this,Mr. Qadeer controls 293,432 shares in the Company and holds 179,417 RSUs.Richard Morton , Technical Director has exercised 70,430 RSUs which will be paid at Settlement Price. Following this,Mr. Morton controls 358,237 shares in the Company and holds 167,394 RSUs.
The remaining employees, in aggregate, have exercised 259,237 RSUs which will be paid at Settlement Price.
Following this settlement and award of new RSUs, the Company will have a total of 1,277,003 outstanding RSUs. Subject to fulfilling the vesting conditions, each RSU entitles the holder to one share in the Company.
This information is subject to the disclosure requirements pursuant to section 5-12 and section 4-2 of the Norwegian Securities Trading Act.
Enquiries
Tel: +44 203 405 1060
Email: investors@panoroenergy.com
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