Integra Approved Launch of New Employee Incentive Plan
OREANDA-NEWS. January 11, 2010. Integra Group (LSE:INTE), a leading independent provider of onshore oilfield services, announces that at a meeting the Company's Board of Directors approved the launch of the new employee incentive plan (the "Plan") based on the granting of restricted share units ("RSUs") to senior management, subject to final documentation.
In accordance with the Plan, certain members of senior management on 24 December 2009 were granted RSUs in the amount of 7,290,000 GDR equivalents representing 3.7% of fully diluted shares outstanding. The RSUs will vest over three financial years, with the first vesting date on 31 December 2009. The Board of Directors has reserved shares for the issuance of additional RSUs in the future in the aggregate amount of 5,800,000 GDR equivalents. At this time the Company has no plans to issue additional RSUs in the near future.
A total of 4,305,000 currently outstanding options in GDR equivalents (2.2 % of fully diluted shares) will be voluntarily waived by the holders in exchange for RSUs and 9,356,320 options (4.7% of fully diluted shares), will remain outstanding.
In accordance with its obligations under applicable regulations, the Company reports that the following persons discharging managerial responsibilities received the following grants:
Dmitry Avdeev 850,000 RSUs in GDR equivalents
Antino Campo 2,100,000 RSUs in GDR equivalents
Stephen Polakoff 650,000 RSUs in GDR equivalents.
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