Caerus Mineral Resources plc has granted options over a total 4,400,000 ordinary shares of 1 pence, with an exercise price of 7.5 pence, to incentivise and retain its directors.
DIRECTORS
The exercise price represents an approximate 36% premium to the closing share price on 24 November 2022.
Executive chairman Christopher Lambert received 2,000,000 options; chief executive Charles Long, 1,500,000; non-executive director (NED) Russell Thomson, 450,000; and NED Dominic Traynor, 450,000.
TRANCHES
Caerus said that the options will vest in three instalments with an exercise period of five years.
The first tranche will vest when the closing mid-market share price reaches 7.5 pence or above for three consecutive trading days.
The second tranche will vest when the share price reaches 12.5 pence, and the third when the share price reaches 17.5 pence.