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Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) introduced a new employee stock ownership plan (ESOP) aimed at strengthening the alignment of employee incentives with shareholder interests.
The revised ESOP replaces a previous plan and comprises a Share Award Scheme for all employees and a Long-Term Incentive Plan (LTIP) for senior executives - with employees receiving restricted stock units (RSUs), vesting over a period of three years.
The RSU awards will represent between 25% and 33% of employees' base compensation.
The LTIP, for senior management, comprises options with exercise prices significantly higher than the current market price. These options are contingent on meeting specific performance targets.
Overall, under the new scheme, Pantheon has reduced the total award limit under the new ESOP to 10.00% of the company's current issued share capital, down from the previous 15.00% limit.
It is intended to limit future dilution while aligning long-term incentives for employees and executives with shareholder outcomes.
"This new incentive program and award framework provides significant incentive alignment for every employee - from the most junior to the CEO - with a significant portion of their overall pay delivered in shares," said Jeremy Brest, chair of Pantheon's remuneration committee.
"Moreover, the initial set of option awards further cements this alignment by setting ambitious targets for senior management.
"These options only have value if the share price more than triples from today's and if our ambitious performance targets are achieved."