- Title:
Long Term Incentive Plan and Deferred Bonus Plan - Time:
14:51:27 - Date:
29 Apr 2020 - Category:
Corporate updates - ID:
3661L
29 April 2020
Gulf Keystone Petroleum Limited (LSE: GKP)
("Gulf Keystone" or "the Company")
Long Term Incentive Plan ("LTIP") Award
Issue under the Deferred Bonus Plan ("DBP")
LTIP
Gulf Keystone Petroleum Limited announces that pursuant to the 2014 Gulf Keystone Long Term Incentive Plan, on 28 April 2020 awards over Common Shares ("2020 Awards") were granted to staff 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 third 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 2020 Awards was determined based on a price of 74.4p being the closing mid-market price of the Company on 27 April 2020. The vesting date for 2020 Awards is 28 April 2023, being the third anniversary from the award date. The 2020 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 2020 Awards is subject to both absolute and relative total shareholder return ("TSR") targets being met, each measure having a 50% weighting. 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 2020 Awards under the LTIP:
| Name |
Position |
Number of awards |
| Jane Barker |
HR Director |
217,452 |
| Stuart Catterall |
Chief Operating Officer |
419,355 |
| Ross Deutscher |
Country Manager Kurdistan |
230,022 |
| Nadzeya Kernoha |
Head of Finance |
182,796 |
| Gabriel Papineau-Legris |
Chief Commercial Officer |
328,495 |
| Mark Parsley |
Subsurface Manager |
186,397 |
| Alasdair Robinson |
Legal Director/Company Secretary |
211,316 |
| Ian Weatherdon |
Chief Financial Officer |
733,871 |
In addition to the above, 2020 Awards over a total of 2,230,511 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 award was made on 28 April 2020 and the vesting date is 28 April 2023, being the third anniversary from the award date. This the first issue under the DBP and the following award was granted.
| Name |
Position |
Number of awards |
| Jón Ferrier |
CEO |
113,407 |
Enquiries:
| |
|
| Celicourt Communications: |
+ 44(0) 20 8434 2754 |
| Mark Antelme Jimmy Lea |
|
or visit: www.gulfkeystone.com
The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
| 1 |
Details of the person discharging managerial responsibilities/person closely associated |
|||||
| a) |
Name |
Jón Ferrier |
||||
| 2 |
Reason for the notification |
|||||
| a) |
Position/status |
CEO |
||||
| 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 |
||||
| 4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
| a) |
Description of the financial instrument, type of instrument
Identification code |
Common shares of $1.00 each in Gulf Keystone Petroleum Limited
ISIN: BMG4209G2077 |
||||
| b) |
Nature of the transaction |
Grant of nil cost award under the Deferred Bonus Plan |
||||
| c) |
Price(s) and volume(s) |
|
||||
| d) |
Aggregated information
|
Single transaction as in 4c) above.
|
||||
| e) |
Date of the transaction |
28 April 2020 |
||||
| f) |
Place of the transaction |
Outside a trading venue |
||||
| 1 |
Details of the person discharging managerial responsibilities/person closely associated |
|||||
| a) |
Name |
Jane Barker |
||||
| 2 |
Reason for the notification |
|||||
| a) |
Position/status |
Human Resources Director |
||||
| 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 |
||||
| 4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
| a) |
Description of the financial instrument, type of instrument
Identification code |
Common shares of $1.00 each in Gulf Keystone Petroleum Limited
ISIN: BMG4209G2077 |
||||
| b) |
Nature of the transaction |
Grant of nil cost award under the 2014 Long Term Incentive Plan |
||||
| c) |
Price(s) and volume(s) |
|
||||
| d) |
Aggregated information
|
Single transaction as in 4c) above.
|
||||
| e) |
Date of the transaction |
28 April 2020 |
||||
| f) |
Place of the transaction |
Outside a trading venue |
||||
| 1 |
Details of the person discharging managerial responsibilities/person closely associated |
|||||
| a) |
Name |
Stuart Catterall |
||||
| 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 |
||||
| 4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
| a) |
Description of the financial instrument, type of instrument
Identification code |
Common shares of $1.00 each in Gulf Keystone Petroleum Limited
ISIN: BMG4209G2077 |
||||
| b) |
Nature of the transaction |
Grant of nil cost award under the 2014 Long Term Incentive Plan |
||||
| c) |
Price(s) and volume(s) |
|
||||
| d) |
Aggregated information
|
Single transaction as in 4c) above.
|
||||
| e) |
Date of the transaction |
28 April 2020 |
||||
| f) |
Place of the transaction |
Outside a trading venue |
||||
| 1 |
Details of the person discharging managerial responsibilities/person closely associated |
|||||
| a) |
Name |
Ross Deutscher |
||||
| 2 |
Reason for the notification |
|||||
| a) |
Position/status |
Country Manager - Kurdistan |
||||
| 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 |
||||
| 4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
| a) |
Description of the financial instrument, type of instrument
Identification code |
Common shares of $1.00 each in Gulf Keystone Petroleum Limited
ISIN: BMG4209G2077 |
||||
| b) |
Nature of the transaction |
Grant of nil cost award under the 2014 Long Term Incentive Plan |
||||
| c) |
Price(s) and volume(s) |
|
||||
| d) |
Aggregated information
|
Single transaction as in 4c) above.
|
||||
| e) |
Date of the transaction |
28 April 2020 |
||||
| f) |
Place of the transaction |
Outside a trading venue |
||||
| 1 |
Details of the person discharging managerial responsibilities/person closely associated |
|||||
| a) |
Name |
Nadzeya Kernoha |
||||
| 2 |
Reason for the notification |
|||||
| a) |
Position/status |
Head of Finance |
||||
| 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 |
||||
| 4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
| a) |
Description of the financial instrument, type of instrument
Identification code |
Common shares of $1.00 each in Gulf Keystone Petroleum Limited
ISIN: BMG4209G2077 |
||||
| b) |
Nature of the transaction |
Grant of nil cost award under the 2014 Long Term Incentive Plan |
||||
| c) |
Price(s) and volume(s) |
|
||||
| d) |
Aggregated information
|
Single transaction as in 4c) above.
|
||||
| e) |
Date of the transaction |
28 April 2020 |
||||
| 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 |
||||
| 4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
| a) |
Description of the financial instrument, type of instrument Identification code |
Common shares of $1.00 each in Gulf Keystone Petroleum Limited
ISIN: BMG4209G2077 |
||||
| b) |
Nature of the transaction |
Grant of nil cost award under the 2014 Long Term Incentive Plan
|
||||
| c) |
Price(s) and volume(s) |
|
||||
| d) |
Aggregated information
|
Single transaction as in 4c) above.
|
||||
| e) |
Date of the transaction |
28 April 2020 |
||||
| f) |
Place of the transaction |
Outside a trading venue |
||||
| 1 |
Details of the person discharging managerial responsibilities/person closely associated |
|||||
| a) |
Name |
Mark Parsley |
||||
| 2 |
Reason for the notification |
|||||
| a) |
Position/status |
Subsurface Manager |
||||
| 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 |
||||
| 4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
| a) |
Description of the financial instrument, type of instrument
Identification code |
Common shares of $1.00 each in Gulf Keystone Petroleum Limited
ISIN: BMG4209G2077 |
||||
| b) |
Nature of the transaction |
Grant of nil cost award under the 2014 Long Term Incentive Plan |
||||
| c) |
Price(s) and volume(s) |
|
||||
| d) |
Aggregated information
|
Single transaction as in 4c) above.
|
||||
| e) |
Date of the transaction |
28 April 2020 |
||||
| 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 |
Legal Director & Company Secretary |
||||
| 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 |
||||
| 4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
| a) |
Description of the financial instrument, type of instrument
Identification code |
Common shares of $1.00 each in Gulf Keystone Petroleum Limited
ISIN: BMG4209G2077 |
||||
| b) |
Nature of the transaction |
Grant of nil cost award under the 2014 Long Term Incentive Plan |
||||
| c) |
Price(s) and volume(s) |
|
||||
| d) |
Aggregated information
|
Single transaction as in 4c) above.
|
||||
| e) |
Date of the transaction |
28 April 2020 |
||||
| 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 |
CFO |
||||
| 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 |
||||
| 4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
| a) |
Description of the financial instrument, type of instrument
Identification code |
Common shares of $1.00 each in Gulf Keystone Petroleum Limited
ISIN: BMG4209G2077 |
||||
| b) |
Nature of the transaction |
Grant of nil cost award under the 2014 Long Term Incentive Plan |
||||
| c) |
Price(s) and volume(s) |
|
||||
| d) |
Aggregated information
|
Single transaction as in 4c) above.
|
||||
| e) |
Date of the transaction |
28 April 2020 |
||||
| f) |
Place of the transaction |
Outside a trading venue |
||||
Disclaimer
This announcement contains certain forward-looking statements. These statements are made by the Company's 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 uncertainties, including both economic and business factors, underlying such forward-looking information. 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.
Long Term Incentive Plan and Deferred Bonus Plan14:51:2729 Apr 2020Corporate updates3661L