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LONDON - Serica Energy plc (AIM:LON:SQZ), an oil and gas company, has announced the grant of nil-cost options over a total of 1,703,189 ordinary shares, which is about 0.43% of the company’s issued share capital. The options were granted to the executive team and senior management as part of the company’s 2017 Long Term Incentive Plan (LTIP).
The grant includes 972,315 shares for executive directors, with Chief Executive Officer Christopher Cox receiving 624,161 shares and Chief Financial Officer Martin Copeland receiving 348,154 shares. The vesting of these options is contingent on meeting specific performance targets over a three-year period, starting from May 1, 2025, for total shareholder return (TSR) and from January 1, 2025, for gross emissions reduction related to the Bruce field operations.
The LTIP is structured to incentivize performance that aligns with shareholder value creation. A maximum of 70% of the options will vest based on relative TSR performance targets, while up to 30% will vest subject to achieving Bruce gross emissions reduction targets within the specified timeframe.
These transactions, which occurred on May 28, 2025, were conducted outside of a trading venue and are part of the company’s strategy to motivate and retain key personnel by aligning their interests with those of the shareholders. The awards are in accordance with market abuse regulations, and the details have been disclosed as per regulatory requirements.
Serica Energy’s decision to issue stock options is a common practice among publicly traded companies to drive performance and reward management for achieving corporate goals that potentially enhance shareholder value. The information for this article is based on a press release statement.
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