VAALCO Energy, Inc. ("VAALCO" or the "Company") announces that restricted shares in the Company ("Restricted Shares") were valued on the date of grant at a price per share of common stock of the Company ("Common Stock") of $5.96 to persons discharging managerial responsibility in the Company as listed below. For the awards to directors other than George Maxwell, the Restricted Shares will remain restricted until the earlier of (i) the first anniversary of the grant date or (ii) the first annual meeting of stockholders of the Company following the grant date (but in either case, not less than fifty (50) weeks following the grant date) provided, that the director is then, and continuously from the grant date has been, an outside director of the Company and has not been terminated from service from the Company's board of directors on such vesting date. For George Maxwell and non-directors, Restricted Shares will become unrestricted in equal proportions on the anniversary of the date of grant over the next three-year period.
VAALCO also announces that performance options ("Performance Options") were granted to persons discharging managerial responsibility in the Company as listed below. These are convertible into shares of Common Stock at the option of the holder thereof and will vest over a three year period starting on the grant date, subject to the performance conditions attached to each award being met. The Performance Options have an exercise price of $5.96, and were valued at $3.22 per Performance Option as of the date of grant.
Further, VAALCO also announces that on 8 June 2024, there were the following forfeitures of Common Stock by persons discharging managerial responsibility in the Company to satisfy tax withholding obligations on the vesting of restricted stock awards:
