Renegade Petroleum Ltd. announces adoption of long term incentive plan and grant of incentive awards
Thursday, Jan 31, 2013Renegade Petroleum Ltd. ("Renegade" or the "Company") (TSX VENTURE:RPL) announces that it has adopted a Restricted and Performance Award Incentive Plan (the "Plan").
The Company adopted the Plan following a review by the board of directors of the Company (the "Board") and the corporate governance, compensation and nominating committee of the Board (the "Compensation Committee"), with the assistance and guidance of its financial advisors and a third party compensation consultant, of the appropriateness of introducing the Plan as a long term retention and incentive program for the Company's employees, consultants, officers and directors in light of the Company's transition from a pure growth entity to a dividend paying company.
Under the terms of the Plan, which is administered by the Compensation Committee, service providers of the Company may be granted: (a) restricted awards ("Restricted Awards"), which vest in one-third increments on the first, second and third anniversary dates of the date of grant; or (b) performance awards ("Performance Awards" and together with the Restricted Awards, "Incentive Awards"), that also vest in one-third increments on the first, second and third anniversary dates of the date of grant and which are characterized by a corporate performance component.
Renegade also announces that the Board has granted an aggregate of 4,164,103 Restricted Awards pursuant to the Plan, which represents approximately 2% of the issued and outstanding common shares. Of this amount, 1,840,374 Restricted Awards were granted to directors and officers of the Company.
Pursuant to the requirements of the TSX Venture Exchange no Incentive Awards may vest until the Company receives shareholder approval for the Plan. Renegade expects to seek shareholder approval of the Plan at its next annual general meeting of shareholders.
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