Seplat Energy PLC has announced the granting of Share Awards to its Executive Directors under the Seplat Energy PLC 2014 Long Term Incentive Plan (“LTIP”). The awards were granted on May 16, 2023, in line with the Company’s remuneration policy for the 2023 financial year.
RateCaptain reports that the LTIP Awards are dependent on the achievement of challenging Total Shareholder Return (“TSR”) performance targets and an overall assessment of corporate performance over a three-year performance period, which commenced on January 1, 2023. These awards will be subject to a two-year post-vesting holding period. The detailed vesting conditions will be outlined in the Company’s 2023 Annual Report.
The following Share Awards were granted to the Executive Directors of Seplat:
- Roger Brown, Chief Executive Officer, was granted 2,779,181 shares.
- Emeka Onwuka, Chief Financial Officer, was granted 1,575,125 shares.
- Samson Ezugworie, Chief Operations Officer, was granted 1,509,650 shares.
The number of shares awarded to each Executive Director was calculated based on the Directors’ Remuneration Policy, dividing the monetary value of the salary multiple relevant for each Director by the grant price, which was determined as the five-day average share price prior to the date of the LTIP Awards.
The Remuneration Committee retains the discretion to adjust the vesting level and amounts payable for the LTIP Awards if they determine that the outcomes do not accurately reflect corporate performance.
Additionally, Seplat granted Deferred Share Awards to its Executive Directors in respect of the 2022 Annual Performance Bonus under the LTIP. According to the approved remuneration policy, 25% of the executive directors’ annual performance bonus for the 2022 financial year is deferred into shares, which will typically vest and be released on December 31, 2024. The Deferred Share Awards are subject to continued employment in line with the LTIP rules.
The following Deferred Share Awards were granted to the Executive Directors:
- Roger Brown: 182,142 shares
- Emeka Onwuka: 95,124 shares
- Samson Ezugworie: 41,224 shares
The number of shares awarded was calculated based on Seplat’s closing share price on December 31, 2022, in accordance with the approved remuneration policy.
Seplat Energy PLC has provided this notification in compliance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014. Mrs. Edith Onwuchekwa, Director, Legal/Company Secretary, signed the notification.
Seplat Energy PLC remains committed to aligning its remuneration policy with corporate performance and creating value for its shareholders.