The Managing Director of Seplat Energy Plc, Roger Brown, has been awarded shares under the company’s Long-Term Incentive Plan.
This was disclosed in a document filed with the Nigeria Exchange Group and signed by the Company Secretary, Edith Onwuchekwa on Tuesday.
Brown was granted 4,943,445 units of vested shares, valued at N14.644bn for 2962.30 per share between 2014 and 2022 subject to statutory deductions.
Long-term incentive plan is a term that is commonly used among listed companies to describe executive share plans under which a company makes share-based awards to senior employees with a vesting period of at least three years
The statement partly reads, “Seplat Energy PLC (“Seplat” or the “Company”), today announces the exercise, on 17th May 2024, of vested shares awarded to Roger Brown between 2014 and 2022, under the terms of the Seplat Energy PLC 2014 Long Term Incentive Plan (“LTIP”).
“Following statutory deductions of 937,278 ordinary shares at a price of N 2,962.30 per share, Brown will have 4,006,168 units of shares.
“Roger Brown currently owns 4,006,168 common shares in Seplat Energy PLC, which is more than enough to meet the minimum threshold for shareholding outlined in the shareholder-approved pay policy.“
It also revealed that the 2014 Long Term Incentive Plan of the Company and its Remuneration Policy for Executive Directors were followed in the making of the LTIP share awards.
It was reported that the shareholders of Seplat Energy Plc commended the company’s dedication to environmental sustainability and approved the payment of US 15 cents as dividends.
