Caledonia Mining Corporation Plc (LON:CMCL) announced today that it has made new long term incentive plan awards under the Company’s 2015 Omnibus Equity Incentive Compensation 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:
|Steve Curtis||Director and Chief Executive Officer||US$476,486.10|
|Mark Learmonth||Director and Chief Financial Officer||US$441,945.00|
|Dana Roets||Director and Chief Operating Officer||US$200,340.40|
The awards are in the form of Performance Units (“PUs“) as defined in the Plan. The vesting date for the PUs shall be January 11, 2025.
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 US$12.01.
The final number of PUs which vest on maturity of the awards will be adjusted to reflect the actual performance of Caledonia Mining in terms of various operating metrics, subject to certain minimum and maximum thresholds.
Each PU that vests entitles the participant to receive one Caledonia common share (or a security representing a share) on the maturity of the award. Shares that are issued pursuant to vesting PUs are subject to a minimum holding period of one year in case vested awards become subject to forfeiture, reduction or cancellation.