Corcel PLC, an Angolan-focused exploration and production company, has announced the issuance of options to Senior Executives and Board members. The Executive Chairman, Antoine Karam, emphasized that the options package aims to attract, retain, and compensate the high-quality executive team and Board while aligning their compensation with the company's performance. The options, totaling 307,033,155, have a five-year term and vest based on the stock trading at specific prices, ranging from 0.016 to 0.064. The vesting period spans over three years, and both time in service and share price trading metrics must be met for full vesting.
The options have been awarded to Directors and key Executives, with specific vesting prices and dates outlined for each individual. Following this grant of options, the resultant Directors' shareholdings have been disclosed. The transaction is considered a related party transaction, and the terms have been deemed fair and reasonable by the independent Directors of the Company.
The announcement also includes details of the person discharging managerial responsibilities and persons closely associated with them, along with the notification and public disclosure of transactions. The information contained within the announcement is considered to constitute inside information as stipulated under the Market Abuse Regulation. For further information, interested parties are directed to contact the Executive Chairman or the nominated advisor, WH Ireland Ltd.
This comprehensive update from Corcel PLC provides insight into the company's approach to compensating and retaining its executive team and Board members, aligning their interests with the company's performance through the issuance of options. The transparency in disclosing the details of the options issuance and the related party transaction demonstrates the company's commitment to open communication with its stakeholders.