Introduction of Employee Benefit Trust Scheme
Company establishes Employee Benefit Trust scheme to allocate up to 10% of issued share capital to directors and employees.
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80 Mile PLC ('80 Mile' or the 'Company'), the AIM, FSE, and OTC listed exploration and development Company, announces that the Company has established an Employee Benefit Trust ("EBT") scheme for use as an incentive plan for its current and future directors and employees. The EBT will facilitate the award of shares to incentivise long-term commitment, without immediate tax implications.
The Company intends to allocate up to 10% of its issued ordinary share capital, funded by Company contributions or the issuance of new ordinary shares of the Company. The shares will be held in the EBT, and released upon meeting vesting and performance conditions linked to milestones. All executive directors and employees of 80 Mile are eligible.
The EBT has been established in order to:
- Align the interests of directors and employees with shareholders.
- Incentivise long-term value creation through exploration and development success.
- Retain and motivate key talent in a competitive industry.
- Ensure compliance with AIM regulations and good corporate governance.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.