Seplat Energy PLC said on Monday it granted share awards to its executive directors under its 2024 Long Term Incentive Plan (LTIP), with the CEO receiving the largest allocation.
Effiong Okon, Chief Executive Officer, was granted 235,572 ordinary shares, comprising a 2026 LTIP award of 194,512 shares and a deferred portion of 41,060 shares from his 2025 annual performance bonus. The awards were granted on August 18 at a reference price of £6.106, based on the five-day average closing share price prior to the grant date.
Samson Ezugworie, Chief Operations Officer, received 164,784 shares, split between a 2026 LTIP award of 123,582 shares and 41,202 deferred shares. Eleanor Adaralegbe, Chief Financial Officer, was allocated 156,741 shares, including a 2026 LTIP award of 117,550 shares and 39,191 deferred shares.
The LTIP awards will vest on December 31, 2027, following a three-year performance period that begins January 1, 2026. Deferred shares will be priced at £2.84, based on Seplat’s closing share price on December 31, 2025. After vesting, the shares will be subject to a two-year holding period.
No consideration was paid for the awards, and none will be due upon vesting. The LTIP awards are tied to business and individual performance criteria, as well as continued employment through the performance period. Additionally, 25% of the executive directors’ 2025 annual performance bonuses are being deferred into share awards under the company’s remuneration policy.
The Remuneration Committee retains discretion to adjust vesting levels if outcomes do not align with corporate performance.
