Rupert Resources Ltd. (“Rupert Resources” or the “Company”) announced today that pursuant to the Company’s amended and restated equity incentive plan dated August 4, 2021 (the “Plan”), the Company has granted 301,204 performance share units (“PSUs”) to certain officers and employees of the Company. The PSUs will vest in three tranches based on certain corporate and individual performance objectives and each PSU will convert into up to one common share of the Company, or the cash equivalent thereof, subject to the level of achievement of such performance objectives. Further details regarding the Plan are set out in the management information circular of the Company dated July 8, 2021, which is available on SEDAR at www.sedar.com.
The Company furthermore announces that in accordance with the rules of the Plan it granted a total of 54,000 options to a certain employee of the Company (the “Options”). The Options were granted on September 24, 2021 with an exercise price of $4.30 per share, being the closing price of the Company’s shares on the TSX-V on September 23, 2021. The Options are exercisable for a five-year period from the date of grant, with 1/3rd of the options vesting after 12 months, 1/3rd after 24 months and the remainder after 36 months.
Following the award of the Options, there are 9,006,000 options outstanding under the plan, representing 5.1% of the issued and outstanding shares of the Company.