Harbour Energy plc
(the "Company" or "Harbour")
Grant of Awards under the Company's 2017 Long Term Incentive Plan ("2017 LTIP")
Grant of Performance Share Awards
On 8 April 2024, Performance Share Awards (the "Awards") were granted to the Executive Directors named below under the 2017 LTIP. 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 2024 to 31 December 2026 (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. Full details of the comparator group are set out in the Directors Remuneration Report included in the 2023 Annual Report and Accounts, available at harbourenergy.com.
Subject to the achievement of the performance target and the Remuneration Committee's assessment of overall Company performance, the Awards will normally vest on 8 April 2027, 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.
| Director | Percentage of salary awarded | Shares awarded | Award price | Date of award |
| Linda Z. Cook | 300% | 939,947 | £2.835 | 8 April 2024 |
| Alexander Krane | 300% | 618,222 | £2.835 | 8 April 2024 |
Grant of Deferred Bonus Awards
In accordance with the Company's Remuneration Policy, on 8 April 2024, Deferred Bonus Awards were granted to the Executive Directors named below in respect of 50% of the 2023 Annual Bonus awarded to them. The Deferred Bonus Awards have been granted in the form of contingent share awards over ordinary shares in the Company and will normally vest three years from date of grant.
| Director | Shares awarded | Award price | Date of award |
| Linda Z. Cook | 143,915 | £2.835 | 8 April 2024 |
| Alexander Krane | 91,555 | £2.835 | 8 April 2024 |
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 | i) Grant of Performance Share Awards under the Harbour Energy 2017 Long Term Incentive Plan ii) Grant of Deferred Bonus Awards under the Harbour Energy 2017 Long Term Incentive Plan | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information
|
1,083,862 £0.00 | ||||
| e) | Date of the transaction | 2024-04-08 | ||||
| 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 | i) Grant of Performance Share Awards under the Harbour Energy 2017 Long Term Incentive Plan ii) Grant of Deferred Bonus Awards under the Harbour Energy 2017 Long Term Incentive Plan | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information
|
709,777 £0.00 | ||||
| e) | Date of the transaction | 2024-04-08 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
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