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TORONTO - Amaroq Minerals Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ), a mining company with significant gold and strategic mineral assets in Southern Greenland, has granted share awards to its directors and employees as part of its Restricted Share Unit Plan (RSU). The awards, dated February 12, 2025, are aligned with the company’s RSU plan established on June 14, 2024.
The RSU plan was initially approved by shareholders at the Annual General Meeting (AGM) on June 16, 2022, and subsequently amended and approved at AGMs on June 15, 2023, and June 14, 2024. The conditional awards to participants were issued on December 30, 2022, and October 13, 2023. The performance period for these awards extends from January 1, 2022, to December 31, 2025, with evaluation dates set annually on December 31st of 2023, 2024, and 2025.
The latest award has an initial price of CAD 0.552, with a hurdle rate of 10% per annum above this initial price. The total pool for the RSU awards is capped at 10% of the growth in value above the hurdle rate and will not exceed 10% of the company’s share capital. The number of shares to be awarded will be determined on the measurement dates.
Key recipients of the award include CEO Eldur Olafsson, who received 40% of the RSU pool, equating to 2,048,268 shares. Executive VP Joan Plant, VP Exploration James Gilbertson, and Corporate Development officer Edward Wyvill each received 10% of the pool, totaling 512,067 shares each.
According to the terms of the RSU plan, 50% of the shares will vest on the first anniversary of the grant, with the remaining 50% vesting on the second anniversary. This structured vesting schedule is designed to retain key personnel and align their interests with the long-term performance of the company.
The specifics of the RSU plan are available for public viewing on Amaroq Minerals’ corporate governance webpage. This news is based on a press release statement from the company.
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