Trinity Announces Vesting of the 2018 Awards under LTIP

Source: www.gulfoilandgas.com 6/7/2022, Location: South America

Trinity Exploration & Production plc, the independent E&P company focused on Trinidad and Tobago, announces the vesting of awards made under the Long Term Incentive Plan ("LTIP") on 09 May 2019 ("2018 Awards") and awards granted under the LTIP.

2018 LTIP Awards
On 09 May 2019 the Company issued Awards under the LTIP to Management in respect of performance during the financial year ended 31 December 2018 (the "2018 Annual Award"). The Company granted options over 383,282 ordinary shares (amounts restated to reflect the Share Consolidation) which, subject to meeting the set performance criteria, vested on 02 January 2022 to those participants who remained in employment with the Company at the time of vesting.

The Awards are subject to the achievement of relative Total Shareholder Return ("Relative TSR") performance targets measured over a three year performance period ending on 31 December 2021. The Relative TSR ranking was determined by calculating the three month average TSR to the end of the performance period and dividing this by the three month average TSR to the beginning of the performance period for all companies in the agreed comparator group. Companies were ranked on this basis with the highest performing company ranked first.

Based on the performance targets, 82.97% (318,009) of the options vested, however, 64,111 options were forfeitied and therefore the total number of Options vested on 02 January 2022 was 264,816, representing 69.09% of the total LTIPs awarded, including the vesting of 54,853 options to Jeremy Bridglalsingh, Chief Executive Officer.

The Options are exercisable at nil cost by the participants and remain available to be exercised until 1 January 2025.

LTIP Award Granted on 06 June 2022
The Company announces that 290,000 options have been granted under the LTIP in respect of the Company's performance in the year to 31 December 2021 (the "June2022 LTIP Award"), including 90,000 options granted to Jeremy Bridglalsingh, Chief Executive Officer. The June 2022 Annual LTIP Award represents 0.75% of the Company's current issued share capital.

The performance targets set for awards made under the June 2022 Annual LTIP Award will be measured considering both the Company's absolute TSR performance and the Company's relative TSR performance over a three year period, commencing with the current financial year of the Company (i.e. a measurement period of 1 January 2022 to 31 December 2024). TSR calculations will be determined by reference to the volume weighted three month average price prior to the start and end of the measurement period (with the starting average price adjusted for the Share Consolidation). The three month volume weighted average price at the start of the performance period for the June 2022 Annual LTIP Award was 1.38 (adjusted for the Share Consolidation).

The performance targets provide that:
No portion of a distinct one-half of the June 2022 Annual LTIP Award (the "Absolute TSR Part") may vest unless the Company's compound annual growth rate of TSR over the performance period is at least 10% p.a., for which 30% of the Absolute TSR Part may vest, rising on a straight line basis for full vesting of the Absolute TSR Part if the Company's compound annual growth rate of TSR over the performance period equals or exceeds 20% p.a.
No portion of the other distinct one-half of the June 2022 Annual LTIP Award (the "Relative TSR Part") may vest unless the Company's TSR over the performance period ranks at least median relative to the TSR performance within a comparator group of companies, for which 30% of the Relative TSR Part may vest, rising on a straight line basis for full vesting of the Relative TSR Part if the Company's TSR over the performance period ranks upper quartile or better relative to the TSR performance within a comparator group.


United Kingdom >>  8/9/2022 - AIM-listed Union Jack Oil, a UK focused onshore hydrocarbon production, development and exploration company, has announced a further update on the red...
Canada >>  8/8/2022 - International Petroleum Corporation (IPC or the Corporation) (TSX, IPCO) is pleased to announce that IPC repurchased a total of 144,000 IPC common sha...

Norway >>  8/8/2022 - The below information is released to provide Magseis Fairfield shareholders updated financial information in connection with the announced voluntary e...
United States >>  8/8/2022 - Invinity Energy Systems plc (IES), a leading global manufacturer of utility-grade energy storage , is pleased to announce the commencement of U.S. tra...

United States >>  8/8/2022 - Diversified Energy Company PLC (LSE: DEC) is pleased to announce its Interim Results for the six months ended 30 June 2022 and other recent highligh...
United States >>  8/8/2022 - Prospera Energy Inc. ("Prospera") (FRA) is pleased to release its Q1 2022 financial and operating results. Selected financial and operational informat...




Gulf Oil and Gas
Copyright 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.