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CALGARY - Touchstone Exploration Inc. (TSX:TXP) issued a total of 8,437,537 share units to its directors, executives and employees as part of its long-term compensation program, according to a company press release issued Wednesday.
The Calgary-based oil and gas company, which operates in Trinidad and Tobago, granted 3,537,139 restricted share units (RSUs) and 3,423,974 performance share units (PSUs) to executive officers and key employees on August 25. Additionally, 1,476,424 deferred share units (DSUs) were issued to non-executive directors.
RSUs will vest in equal one-third tranches over three years, while PSUs will cliff vest after three years, subject to a performance multiplier ranging from zero to 1.75 times based on corporate performance targets set by the board. Both RSU and PSU awards may be settled in common shares, cash, or a combination at the board’s discretion.
DSUs granted to non-executive directors vested immediately but can only be redeemed after a director leaves the board. These units will be settled in cash based on the market price of Touchstone’s common shares at redemption.
President and CEO Paul Baay received 660,128 RSUs and an equal number of PSUs. Chief Financial Officer Scott Budau was granted 462,090 units of each type, while Executive Vice Presidents Brian Hollingshead and James Shipka received 386,647 and 418,710 units respectively of both RSUs and PSUs.
The company’s employees collectively received 1,609,564 RSUs and 1,496,399 PSUs. Among non-executive directors, Kenneth McKinnon received the largest DSU grant with 320,634 units.
Touchstone Exploration is listed on both the Toronto Stock Exchange and the AIM market of the London Stock Exchange.
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