Renegade 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.
Renegade’s common shares trade on the TSX Venture Exchange under the symbol RPL. Renegade currently has approximately 203.1 million shares outstanding and 219.3 million diluted shares.
This press release contains forward-looking statements. More particularly, this press release contains statements concerning seeking shareholder approval of the Plan.
The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Renegade. Although Renegade believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Renegade can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.
The forward-looking statements contained in this document are made as of the date hereof and Renegade undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.