Touchstone Exploration Inc. ("Touchstone") reports that the Company granted its non-executive directors, executive officers and key employees share awards on July 12, 2024 as part of its long-term compensation program.
The Company issued 1,447,780 restricted share units ("RSUs") and 1,397,780 performance share units ("PSUs") under its shareholder approved omnibus incentive compensation plan to its executive officers and key employees. The RSUs vest one third on each of the next three anniversaries of the grant date and the number of share awards are fixed. The PSUs vest on June 11, 2027 and the number of share awards are variable. Each award may, in the Board of Director's ("Board") sole discretion, entitle the holder to be issued the number of Company common shares designated in the award or payment in cash. If paid in cash, the plan participant will receive a cash payment based on the fair value of the underlying common shares on the applicable vesting date. The number of RSUs and PSUs may be adjusted for dividend equivalents from the grant date at the discretion of the Board.
PSUs are subject to a performance multiplier. This multiplier, ranging from zero to 1.75, will be applied to the original PSU awards granted on vesting and is dependent on the performance of the Company relative to predefined corporate performance measures set by the Board for the three-year vesting period.
In accordance with its long-term director compensation plan, the Company issued 977,332 deferred share units ("DSUs") to its non-executive directors. The DSUs fully vest on the grant date but are only available for redemption when the director ceases to be a member of the Board. Awards are settled in cash as determined by the value of the underlying common shares and may be adjusted based on dividend equivalents from the grant date at the discretion of the Board.
The annual grants were awarded to the following recipients:
Paul R. Baay, Director, President and Chief Executive Officer: 291,667
Scott Budau, Chief Financial Officer: 185,000
Brian Hollingshead, EVP, Engineering and Business Development: 139,473
James Shipka, EVP, Asset Development and HSE: 185,000
Employees: 646,640
Total: 1,447,780
Paul R. Baay, Director, President and Chief Executive Officer: 291,667
Scott Budau, Chief Financial Officer: 185,000
Brian Hollingshead, EVP, Engineering and Business Development: 139,473
James Shipka, EVP, Asset Development and HSE: 185,000
Employees: 596,640
Total: 1,397,780
Jenny Alfandary, Non-Executive Director: 108,333
Priya Marajh, Non-Executive Director: 108,333
Kenneth R. McKinnon, Non-Executive Director: 132,500
Peter Nicol, Non-Executive Director: 122,833
Beverley Smith, Non-Executive Director: 122,833
Stanley T. Smith, Non-Executive Director: 132,500
Harrie Vredenburg, Non-Executive Director: 108,333
John D. Wright, Non-Executive Director: 141,667
Total: 977,332
