Grant of Options

RNS Number : 3041U

Rockhopper Exploration plc

14 October 2014

 

14 October 2014

Rockhopper Exploration plc

(the "Company" or "Rockhopper")

Long Term Incentive Plan

The Company announces that, on 13 October 2014, the following awards of options were made under the terms of the Company's Long Term Incentive Plan ("LTIP"):

Name	Number of LTIP awards
Sam Moody	665,625
Stewart MacDonald	506,250
Fiona MacAulay	775,000

The award is structured as a nil-cost option and will normally vest on 30 September 2017 subject to continued employment. The percentage of awards which vest will be dependent on total shareholder return measured against a peer group of companies over a three year period ending 30 September 2017. Performance measurement for these awards will be based on the Company's average share price over the 90 day dealing period to 30 September 2014 measured against the 90 day dealing period up to 30 September 2017.

Awards will vest on a sliding scale with no vesting if Rockhopper is ranked at less than median unless the Remuneration Committee believes that this is justified having regard to overall Company performance.  In the event that Rockhopper's performance is ranked at the median then 35 per cent of the awards will vest. In the event that Rockhopper's shares outperform all the other members of the peer group or are the second highest performing stock, the percentage of awards that will vest in the case of Sam Moody and Stewart MacDonald will be 133 per cent for ranking first or 116 per cent for ranking second. In the case of Fiona MacAulay, she will be entitled to awards between 35 per cent and 100 per cent on a sliding scale basis for performance between median and the highest performing stock of the peer group. The level of award for Fiona MacAulay was agreed at the time of her promotion to Chief Operating Officer in December 2013. Further details are given in the Company's 2014 Annual Report.

Once vested the awards will normally remain exercisable for a period of seven years subject to the rules of the LTIP regarding leavers.  

The LTIP is operated in respect of each financial year at the discretion of the Company's Remuneration Committee. A summary of the LTIP is included in the 2013 AGM notice and the 2014 Annual Report which can be found on the Company's website. The LTIP was approved by shareholders at the 2013 Annual General Meeting.

Enquiries:

For further information, please contact:

Rockhopper Exploration plc                                            

Tel: (via Vigo Communications) - 020 7016 9571

Sam Moody - Chief Executive

Canaccord Genuity Limited (Nomad and Joint broker)

Tel: [phone]

Henry Fitzgerald-O'Connor               

Liberum Capital (Joint Broker)

Tel: [phone]

Clayton Bush

Vigo Communications, (PR adviser to Rockhopper)    

Tel: [phone]                                            

Peter Reilly          

 

END

 

 

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