Director Share Vesting
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Petra announces the approval of the vesting of certain shares in respect of share awards originally granted on 12 January 2022 to Petra’s Executive Directors under the 2021 PSP in respect of the period 1 July 2021 to 30 June 2024.
For Mr Duffy, the vested awards are subject to a 2-year post-vesting holding period and for Mr Breytenbach, the vested awards are subject to a 2-year post-termination holding period following his resignation effective 30 September 2024. Upon release at the end of the holding period, the vested awards may be settled using newly issued shares, shares held in treasury, shares purchased in the market or in cash, at the Company's discretion. The number of vested shares in each case is set out below. Details of the vesting level is further disclosed in the Directors' Remuneration Report within the Company's 2024 Annual Report.
| Director | Position | 2022 PSP Number of ordinary shares vested 1 | 2022 PSP Number of ordinary shares lapsed 1 |
|---|---|---|---|
| Richard Duffy | Chief Executive Officer | 167,976 | 585,279 |
| Jacques Breytenbach | Chief Finance Officer | 111,984 | 390,186 |
Note:
All awards under the 2021 PSP were granted as conditional awards over ordinary shares in Petra of 0.05p each; no consideration was payable for the grant of the awards.
Further details regarding the share awards are set out within the Directors' Remuneration Report within the Company's 2024 Annual Report.
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