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HOUSTON - VAALCO Energy, Inc. (NYSE:EGY; LSE:EGY) granted restricted shares and performance shares to its executives and directors, according to a press release issued Thursday.
The company awarded 246,805 restricted shares to CEO George Maxwell, with additional grants to other executives including 91,650 shares to CFO Ronald Bain and 121,817 shares to COO Thor Pruckl. Board members each received 32,739 restricted shares.
For non-CEO directors, the restricted shares will vest on the earlier of the first anniversary of the grant date or the first annual meeting following the grant date, provided they remain directors. Maxwell’s shares and those granted to non-directors will vest in equal portions over three years.
Performance shares were also granted to key executives, with Maxwell receiving 356,422 shares, Bain receiving 132,356 shares, and Pruckl receiving 175,922 shares. These performance shares will vest over three years subject to meeting performance conditions.
Additionally, VAALCO reported that several executives forfeited shares on June 6 and June 9 to satisfy tax withholding obligations from vesting of previous awards. Maxwell forfeited a total of 39,935 shares across both dates.
All restricted and performance shares were granted at nil cost according to the company’s statement.
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