Caledonia Mining Corporation Plc Issue of Long-Term Incentive Awards
Caledonia Mining Corporation Plc (CMCL) announced new long-term incentive plan awards under its 2015 Omnibus Equity Incentive Compensation Plan. Key awards include performance units (PUs) granted to executives, with total values amounting to approximately US$1.1 million. The grants are tied to a share price of US$12.01, with a vesting date set for January 11, 2025. The final number of PUs will be adjusted based on company performance against specific metrics. Shares from vested PUs will have a minimum holding period of one year.
- Total incentive awards amounting to approximately US$1.1 million reflect strong executive compensation alignment.
- Incentives tied to performance metrics promote accountability and potential for shareholder value enhancement.
- None.
ST HELIER, Jersey, Jan. 26, 2022 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (NYSE American: CMCL; AIM: CMCL; VFEX: CMCL) (the “Company” or “Caledonia”) 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 | US |
| Mark Learmonth | Director and Chief Financial Officer | US |
| Dana Roets | Director and Chief Operating Officer | US |
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
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 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.
Enquiries
| Caledonia Mining Corporation Plc Mark Learmonth Camilla Horsfall | Tel: +44 1534 679 802 Tel: +44 7817 841793 |
| WH Ireland Adrian Hadden/ Andrew De Andrade | Tel: +44 20 7220 1751 |
| Blytheweigh Financial PR Tim Blythe/Megan Ray | Tel: +44 207 138 3204 |
| 3PPB Patrick Chidley Paul Durham | Tel: +1 917 991 7701 Tel: +1 203 940 2538 |
| Curate Public Relations (Zimbabwe) Debra Tatenda | Tel: +263 77802131 |
Note: The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014 (“MAR”) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
FAQ
What is the long-term incentive plan for Caledonia Mining Corporation (CMCL)?
What is the total value of the incentive awards made by CMCL?
What is the price per share used for the performance units awarded to CMCL executives?
When do the performance units for CMCL vest?
Are there any conditions on the shares issued from vested units for CMCL?
