Further to the announcement by Griffin Mining Limited (“the Company”) on 6th February 2015 of the grant of 20,000,000 new options over ordinary shares in the Company to the Company’s directors and management in order to retain and incentivise them, these options have now been allocated as follows:
|Options over number new ordinary shares in the Company|
|Executive & Non-Executive Directors:|
|Mladen Ninkov (Chairman)||12,000,000|
|Dal Brynelsen (Director)||900,000|
|Rupert Crowe (Director)||900,000|
|Roger Goodwin (Finance Director)||1,500,000|
|Adam Usdan (Director)||3,500,000|
Each new option will entitle the holder to subscribe for new ordinary shares in the Company at an exercise price of 30 pence per new ordinary share on or before the 31st December 2020.
The new options will vest with each option holder in installments triggered by the following events:
- One third of each holder’s options will vest immediately upon being granted;
- A further third of each holder’s options will vest on 31st December 2016; and
- A further third of each holder’s options will vest on the granting of a new mining licence over Zone II at the Caijiaying mine.
The new options will not vest if an employee or a director resigns or leaves the Company for cause prior to the vesting event taking place.
All the new options will vest immediately upon; a takeover offer being made; or a change in the business of the Company or its subsidiaries; or the sale of a substantial asset of the Company or by its subsidiaries; or a change in substantial control of the Company taking place prior to the options expiring.