The beneficiaries include Roger Brown, Chief Executive
Officer, who was awarded 1,733,345 shares; and Emeka Onwuka, Chief Financial
Officer, who was granted 1,086,294 units of shares.
The other beneficiary is Effiong Okon, Operations Director,
who was awarded 1,107,707 shares.
In a statement on Wednesday by Edith Onwuchekwa, Director,
Legal/Company Secretary, the shares totaling 3,927,346 units are currently
valued at about N5.02 billion.
This is assuming the share price of N1,280 per share, which
Seplat closed on Wednesday.
According to her, the shares do not vest until after two
years; meaning that the beneficiaries will not own the share till after 2024 —
provided they meet targets.
“The awards over ordinary shares of N0.5 each of Seplat were
granted under the LTIP to Executive Directors of the Company on May 30 using
the average share price over the 5-day period prior to the date of grant.
“For the avoidance of doubt, as referenced in the March 14,
2022 RNS announcement, the LTIP awards are granted in respect of the 2022
financial year,” she said.
Onwuchekwa said vesting of the LTIP awards was dependent on
the achievement of stretching relative and absolute Total Shareholder Return
(TSR) performance targets.
She explained that this was an overall assessment of
corporate performance through an underpin and continued employment over a
three-year performance period which began on January 1.
“The LTIP Awards will be subject to a two-year post vesting
holding period.
“Full details of the vesting conditions of these LTIP Awards
will be set out in the Director’s Remuneration Report included in the Company’s
2022 Annual Report,” she said.
The Director, Legal/Company Secretary further noted that the
Remuneration Committee retained the discretion to make adjustments to the LTIP
Awards vesting level and amounts payable.
This, she said, would be resulting from the application of
the performance measures if it considered that the outcomes were not a fair and
accurate reflection of corporate performance.
“No consideration was paid for the grant of the above LTIP
Awards and no consideration is due on the vesting of the LTIP Awards,”
Onwuchekwa said.