Caledonia Mining Corporation Plc: Issue of Long Term Incentive Awards
January 12 2021 - 2:00AM
Caledonia Mining Corporation Plc (the “Company” or
“Caledonia”) (NYSE American: CMCL; AIM: CMCL) announces that
it has made new long term incentive plan awards under the Company’s
2015 Omnibus Equity Incentive Compensation Plan (the
“
Plan”). Awards that have been made to “Persons
Discharging Managerial Responsibility” within the meaning of the
Market Abuse Regulation (EU) No. 596/2014 are as follows:
Name |
Position |
Grant values |
Steve Curtis |
Director and Chief Executive Officer |
USD155,257.64 |
Mark Learmonth |
Director and Chief Financial Officer |
USD96,002.12 |
Dana Roets |
Chief Operating Officer |
USD97,917.94 |
The awards are in the form of Performance Units
(“PUs”) as defined in the Plan. The vesting date
for the PUs shall be the third anniversary of the date of the
award, being January 11, 2024.
The number of PUs awarded is equal to the
monetary value of the award divided by the “Fair Market Value” (as
defined in the Plan) of the Company’s shares, being, in this case,
the greater of (i) the closing price of Caledonia’s shares on the
NYSE American on the trading day preceding the date of the award or
(ii) the volume-weighted average closing price of Caledonia’s
shares on the NYSE American for the five days preceding the date of
the award, which resulted in a price of USD17.71.
The final number of PUs which vest on maturity
of the awards will be adjusted to reflect the actual performance of
the Company in terms of targeted gold production. If actual
performance is less than 70% of target, no PUs will vest; if actual
performance is greater than 70% of target, the number of vesting
PUs will be adjusted pro rata on a linear basis, subject to a
maximum of 200% of the initial target PUs. Each PU entitles the
participant to receive the cash equivalent of the Fair Market Value
of one Caledonia common share on the maturity of the award or
alternatively to elect to receive some or all of the PUs in the
form of securities in the Company.
For further information please contact:
Caledonia Mining Corporation Plc Mark Learmonth
Camilla Horsfall |
Tel: +44 1534 679 802 Tel: +44
7817 841793 |
WH Ireland
Adrian Hadden/James Sinclair-Ford |
Tel: +44 20 7220 1751 |
Blytheweigh Tim
Blythe/Megan Ray |
Tel: +44 207 138 3204 |
3PPB Patrick
Chidley Paul Durham |
Tel: +1 917 991 7701 Tel: +1 203
940 2538 |
Note: This announcement contains inside information
which is disclosed in accordance with the Market Abuse Regulation
(EU) No. 596/2014.
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