Wentworth Announces Long Term Incentive Plan Awards

Source: www.gulfoilandgas.com 6/27/2022, Location: Africa

Wentworth Resources, the independent, Tanzania-focused natural gas production company is pleased to make the following announcement.

The award is subject to a three-year performance period which runs from 24 June 2022 to 23 June 2025 (the "Performance Period"). The award is further subject to claw back and malus provisions for an additional two years from vesting.

The performance condition for the award is 50% of the award is subject to absolute Total Shareholder Return ("TSR") and the remaining 50% of the award is subject to relative TSR measured against a selection of constituent companies of the FTSE AIM All-Share Energy Index ("AXOIG"). The peer group for this award contains 43 companies taken from that Index. The percentage of the award that will vest will be equal to the TSR at the end of the performance period compared to a 16% compound annual growth rate in TSR over the Performance Period with 25% of the award vesting if the TSR at the end of the Performance Period has increased by an 8% compounded annual growth rate and 100% of the award vesting if the TSR has increased by a 16% compound annual growth rate. Should the TSR increase between 8% and 16%, awards will vest on a linear sliding scale between 25% and 100% and should the TSR at the end of the Performance Period be below 8% no part of the award will vest.


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