Harbour Energy plc
(the "Company" or "Harbour")
Grant of Awards under the Company's 2017 Long Term Incentive Plan ("2017 LTIP")
On 30 June 2021, Performance Share Awards (the "Awards") were granted to the Executive Directors named below under the 2017 LTIP, which was amended with the approval of shareholders at the Company's 2021 Annual General Meeting and forms part of the Company's 2021 Remuneration Policy. The Awards have been granted in the form of contingent share awards over ordinary shares in the Company and the Awards will only vest if certain performance targets are met over a three-year performance period from 1 January 2021 to 31 December 2023 (the "Performance Period").
The performance target for the Awards is based on two equally weighted measures: the Company's Total Shareholder Return ("TSR") compared to the FTSE 100 (excluding investment trusts) and relative TSR compared to a bespoke group of comparators. Further details regarding these Awards and their performance conditions are set out in the 2021 Notice of Annual General Meeting, available on the Company's website.
Subject to the achievement of the performance target and the Remuneration Committee's assessment of overall Company performance, the Awards will normally vest on 30 June 2024, being three years from the date of grant. The Executive Directors will then be required to hold the shares (on an after-tax basis) until the fifth anniversary of the date of grant. The Awards are also subject to malus and clawback provisions under the 2017 LTIP.
The Awards were calculated using the average of the mid-market closing prices for the five dealing days preceding the award date (on a post-consolidation basis).
| Director | Percentage of salary awarded | Shares awarded | Award price | Date of award |
| Linda Z. Cook | 300% | 674,103 | £3.7828 | 30 June 2021 |
| Phil Kirk | 250% | 396,531 | £3.7828 | 30 June 2021 |
| Alexander Krane | 250% | 346,965 | £3.7828 | 30 June 2021 |
Enquiries
Harbour Energy plc Tel: 020 7730 1111
Elizabeth Brooks, Head of Investor Relations
Rachel Rickard, Company Secretary
The information set out below is provided in accordance with the requirements of Article 19(3) of MAR.
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Linda Z. Cook | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Executive Officer | ||||
| b) | Initial notification/Amendment | Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Harbour Energy plc | ||||
| b) | LEI | 213800YPC42DYBKVPF97 | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.002 pence each
| ||||
| b) | Nature of the transaction | Grant of Performance Share Awards under the Harbour Energy 2017 Long Term Incentive Plan | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information
|
674,103 £0.00 | ||||
| e) | Date of the transaction | 2021-06-30 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Phil Kirk | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | President and CEO Europe | ||||
| b) | Initial notification/Amendment | Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Harbour Energy plc | ||||
| b) | LEI | 213800YPC42DYBKVPF97 | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.002 pence each
| ||||
| b) | Nature of the transaction | Grant of Performance Share Awards under the Harbour Energy 2017 Long Term Incentive Plan | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information
|
396,531 £0.00 | ||||
| e) | Date of the transaction | 2021-06-30 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Alexander Krane | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Financial Officer | ||||
| b) | Initial notification/Amendment | Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Harbour Energy plc | ||||
| b) | LEI | 213800YPC42DYBKVPF97 | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.002 pence each
| ||||
| b) | Nature of the transaction | Grant of Performance Share Awards under the Harbour Energy 2017 Long Term Incentive Plan | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information
|
346,965 £0.00 | ||||
| e) | Date of the transaction | 2021-06-30 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
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