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LAGOS and LONDON - Seplat Energy PLC, an independent oil and natural gas producer, has disclosed the granting of Long Term Incentive Plan (LTIP) awards to its executive directors, according to a press release statement on May 30, 2025. The LTIP awards, which are part of the company’s 2024 and 2014 incentive plans, were granted based on the achievement of performance targets and continued employment.
On May 22, 2025, the company awarded shares to Chief Executive Officer Roger Brown, Chief Operating Officer Samson Ezugworie, and Chief Financial Officer Eleanor Adaralegbe. The number of shares granted to each director was calculated using the average share price over the five days preceding the grant date. The vesting of these awards is contingent on the company’s total shareholder return performance and other corporate metrics over a three-year period starting January 1, 2025, followed by a two-year post-vesting holding period.
In addition to the LTIP awards, Seplat also granted deferred share awards related to the 2024 annual performance bonus, with the shares set to vest on December 31, 2026, subject to continued employment. These deferred awards are part of the remuneration policy approved by shareholders at Seplat’s 11th Annual General Meeting.
Furthermore, the company announced the exercise of vested LTIP shares by Roger Brown and Eleanor Adaralegbe from previous years. Post-exercise, Brown and Adaralegbe’s shareholdings in Seplat now meet the minimum shareholding requirement as per the shareholder-approved remuneration policy. The board notes that this aligns the executive directors’ interests with those of other shareholders.
No consideration was paid for the awards, and no consideration is due upon vesting. The transactions were conducted outside of a trading venue and are in line with normal market practices for executive share option exercises. The LTIP share awards and exercises are in accordance with Seplat’s remuneration policy and the terms of the 2014 Long Term Incentive Plan.
The press release statement details the transactions and provides the context for the awards and exercises, highlighting Seplat’s governance in executive compensation and alignment with shareholder interests.
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