REG-Gulf Keystone Petroleum Ltd Long Term Incentive Plan (“LTIP”) Award
28/03/2023 14:45
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Gulf Keystone Petroleum Ltd (GKP)
Long Term Incentive Plan (“LTIP”) Award
28-March-2023 / 14:37 GMT/BST
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28 March 2023
Gulf Keystone Petroleum Limited (LSE: GKP)
("Gulf Keystone" or "the Company")
Long Term Incentive Plan (“LTIP”) Award
Issue under the Deferred Bonus Plan ("DBP")
Director/PDMR Shareholdings
LTIP
Gulf Keystone Petroleum Limited announces that pursuant to the 2014 Gulf
Keystone Long Term Incentive Plan, on 24 March 2023 (the “Award Date”)
awards over common shares (“2023 Awards”) were granted to employees and
the persons discharging managerial responsibilities ("PDMRs") listed
below.
The LTIP was approved by Gulf Keystone Petroleum Limited’s shareholders at
the Company's Annual General Meeting held on 17 July 2014; this is the
sixth award to be made under the LTIP and is in accordance with the agreed
annual issue cycle which follows release of the Company’s full year
results. The awards are made to eligible employees of the wider
workforce, including to employees in Kurdistan.
The quantum of 2023 Awards was determined based on a price of 182.4p being
the closing mid-market price of the Company on 23 March 2023. The vesting
date for the 2023 Awards is 24 March 2026, being the third anniversary
from the Award Date. The 2023 Awards are in the form of nil cost options
and vesting of them will be in accordance with performance conditions. No
consideration is payable for the grant of an Award.
Performance Conditions
Vesting of the 2023 Awards is subject to performance conditions which
include the requirement for both absolute and relative total shareholder
return (“TSR”) targets being met. TSR will be measured over the period of
three years from the Award Date. In accordance with recent governance
guidelines, the Remuneration Committee has the discretion to review
vesting outcomes to ensure a fair reflection of performance.
Awards
The following PDMRs have been granted 2023 Awards under the LTIP:
Name Position Number of awards
Jon Harris Chief Executive Officer 515,351
Ian Weatherdon Chief Financial Officer 317,303
John Hulme Chief Operating Officer 179,605
Gabriel Papineau-Legris Chief Commercial Officer 149,132
Alasdair Robinson Chief Legal Officer 116,815
Clare Kinahan Chief HR Officer 117,434
In addition to the above, 2023 Awards over a total of 2,204,632 shares in
aggregate have also been granted under the LTIP to eligible employees who
are not PDMRs.
DBP
At the Company's AGM in June 2019, shareholders approved the DBP. This
provides for 30% of the annual bonus attributable to executive directors
to be paid in the form of nil cost options. These will vest after three
years. There are no performance conditions other than the executive
director must continue to be employed for this period (subject to certain
limited exceptions).
The following awards were made on 24 March 2023 and the vesting date is 24
March 2026, being the third anniversary from the annual bonus payroll
date.
Name Position Number of awards
Jon Harris Chief Executive Officer 67,737
Ian Weatherdon Chief Financial Officer 43,321
Enquiries:
Gulf Keystone: +44 (0) 20 7514 1400
Aaron Clark, Head of Investor Relations 1 aclark@gulfkeystone.com
FTI Consulting +44 (0) 20 3727 1000
Ben Brewerton
2 GKP@fticonsulting.com
Nick Hennis
or visit: 3 www.gulfkeystone.com
Notes to Editors:
Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator
and producer in the Kurdistan Region of Iraq. Further information on Gulf
Keystone is available on its website 4 www.gulfkeystone.com
Disclaimer
This announcement contains certain forward-looking statements that are
subject to the risks and uncertainties associated with the oil & gas
exploration and production business. These statements are made by the
Company and its Directors in good faith based on the information available
to them up to the time of their approval of this announcement but such
statements should be treated with caution due to inherent risks and
uncertainties, including both economic and business factors and/or factors
beyond the Company's control or within the Company's control where, for
example, the Company decides on a change of plan or strategy. This
announcement has been prepared solely to provide additional information to
shareholders to assess the Group's strategies and the potential for those
strategies to succeed. This announcement should not be relied on by any
other party or for any other purpose.
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Jon Harris
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 Gulf Keystone Petroleum Limited
b) LEI 213800QTAQOSSTNTPO15
Details of the transaction(s): section to be repeated for (i) each type
4 of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
Description of the financial Common shares of $1.00 each in Gulf
instrument, type of instrument Keystone Petroleum Limited
a)
Identification code ISIN: BMG4209G2077
b) Nature of the transaction Grant of nil cost award under the
2014 Long Term Incentive Plan
Price(s) Volume(s)
c) Price(s) and volume(s) Nil 515,351
Aggregated information
d) - Aggregated volume Single transaction as in 4c) above.
- Price
Nil consideration
e) Date of the transaction 24 March 2023
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Ian Weatherdon
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 Gulf Keystone Petroleum Limited
b) LEI 213800QTAQOSSTNTPO15
Details of the transaction(s): section to be repeated for (i) each type
4 of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
Description of the financial Common shares of $1.00 each in Gulf
instrument, type of instrument Keystone Petroleum Limited
a)
Identification code ISIN: BMG4209G2077
b) Nature of the transaction Grant of nil cost award under the
2014 Long Term Incentive Plan
Price(s) Volume(s)
c) Price(s) and volume(s) Nil 317,303
Aggregated information
d) - Aggregated volume Single transaction as in 4c) above.
- Price
Nil consideration
e) Date of the transaction 24 March 2023
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name John Hulme
2 Reason for the notification
a) Position/status Chief Operating Officer
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Gulf Keystone Petroleum Limited
b) LEI 213800QTAQOSSTNTPO15
Details of the transaction(s): section to be repeated for (i) each type
4 of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
Description of the financial Common shares of $1.00 each in Gulf
instrument, type of instrument Keystone Petroleum Limited
a)
Identification code ISIN: BMG4209G2077
b) Nature of the transaction Grant of nil cost award under the
2014 Long Term Incentive Plan
Price(s) Volume(s)
c) Price(s) and volume(s) Nil 179,605
Aggregated information
d) - Aggregated volume Single transaction as in 4c) above.
- Price
Nil consideration
e) Date of the transaction 24 March 2023
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Gabriel Papineau-Legris
2 Reason for the notification
a) Position/status Chief Commercial Officer
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Gulf Keystone Petroleum Limited
b) LEI 213800QTAQOSSTNTPO15
Details of the transaction(s): section to be repeated for (i) each type
4 of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
Common shares of $1.00 each in Gulf
Description of the financial Keystone Petroleum Limited
a) instrument, type of instrument
Identification code
ISIN: BMG4209G2077
Grant of nil cost award under the
b) Nature of the transaction 2014 Long Term Incentive Plan
Price(s) Volume(s)
c) Price(s) and volume(s) nil 149,132
Aggregated information
d) - Aggregated volume Single transaction as in 4c) above.
- Price
Nil consideration
e) Date of the transaction 24 March 2023
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Alasdair Robinson
2 Reason for the notification
a) Position/status Chief Legal Officer
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Gulf Keystone Petroleum Limited
b) LEI 213800QTAQOSSTNTPO15
Details of the transaction(s): section to be repeated for (i) each type
4 of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
Description of the financial Common shares of $1.00 each in Gulf
instrument, type of instrument Keystone Petroleum Limited
a)
Identification code ISIN: BMG4209G2077
b) Nature of the transaction Grant of nil cost award under the
2014 Long Term Incentive Plan
Price(s) Volume(s)
c) Price(s) and volume(s) Nil 116,815
Aggregated information
d) - Aggregated volume Single transaction as in 4c) above.
- Price
Nil consideration
e) Date of the transaction 24 March 2023
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Clare Kinahan
2 Reason for the notification
a) Position/status Chief HR Officer
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Gulf Keystone Petroleum Limited
b) LEI 213800QTAQOSSTNTPO15
Details of the transaction(s): section to be repeated for (i) each type
4 of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
Description of the financial Common shares of $1.00 each in Gulf
instrument, type of instrument Keystone Petroleum Limited
a)
Identification code ISIN: BMG4209G2077
b) Nature of the transaction Grant of nil cost award under the
2014 Long Term Incentive Plan
Price(s) Volume(s)
c) Price(s) and volume(s) Nil 117,434
Aggregated information
d) - Aggregated volume Single transaction as in 4c) above.
- Price
Nil consideration
e) Date of the transaction 24 March 2023
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Jon Harris
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 Gulf Keystone Petroleum Limited
b) LEI 213800QTAQOSSTNTPO15
Details of the transaction(s): section to be repeated for (i) each type
4 of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
Description of the financial Common shares of $1.00 each in Gulf
instrument, type of instrument Keystone Petroleum Limited
a)
Identification code ISIN: BMG4209G2077
b) Nature of the transaction Grant of nil cost award under the
Deferred Bonus Plan
Price(s) Volume(s)
c) Price(s) and volume(s) Nil 67,737
Aggregated information
d) - Aggregated volume Single transaction as in 4c) above.
- Price
Nil consideration
e) Date of the transaction 24 March 2023
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Ian Weatherdon
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 Gulf Keystone Petroleum Limited
b) LEI 213800QTAQOSSTNTPO15
Details of the transaction(s): section to be repeated for (i) each type
4 of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
Description of the financial Common shares of $1.00 each in Gulf
instrument, type of instrument Keystone Petroleum Limited
a)
Identification code ISIN: BMG4209G2077
b) Nature of the transaction Grant of nil cost award under the
Deferred Bonus Plan
Price(s) Volume(s)
c) Price(s) and volume(s) Nil 43,321
Aggregated information
d) - Aggregated volume Single transaction as in 4c) above.
- Price
Nil consideration
e) Date of the transaction 24 March 2023
f) Place of the transaction Outside a trading venue
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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
══════════════════════════════════════════════════════════════════════════
ISIN: BMG4209G2077
Category Code: MSCM
TIDM: GKP
LEI Code: 213800QTAQOSSTNTPO15
Sequence No.: 233235
EQS News ID: 1594701
End of Announcement EQS News Service
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References
Visible links
1. mailto:aclark@gulfkeystone.com
2. mailto:GKP@fticonsulting.com
3. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=8d526d3701dabe9a2ff9507b71394df8&application_id=1594701&site_id=reuters8&application_name=news
4. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=6965f2bb1ddcf50ad2dd09b21a93cfc7&application_id=1594701&site_id=reuters8&application_name=news
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