Tethys Petroleum Limited
TSX : TPL
LSE : TPL

Tethys Petroleum Limited

April 01, 2016 03:42 ET

Tethys Petroleum Limited Press Release: Grant of Options

GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - April 1, 2016) - Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) ("Tethys" or the "Company") announces the grant of options under the Company's Long-Term Stock Incentive Plan ("LTSIP").

Grant of options pursuant to the LTSIP

The Company announces in accordance with the provisions of DTR 3 that each of the persons set out below, each being a Person Discharging Managerial Responsibility ("PDMR") of the Company (and together representing all of the PDMRs of the Company for the purposes of DTR 3), has today been granted the following options over ordinary shares of US$0.10 each in the capital of the Company pursuant to the LTSIP:

Name of PDMR Number of ordinary shares over which options granted Exercise price (GBP) Vesting Expiry date
John Bell 2,362,500 2.5p Date of completion of the Placing The fifth anniversary of the date of completion of the Placing, or the tenth anniversary of the date of grant (if earlier).
David Henderson 433,125 2.5p
James Rawls 433,125 2.5p
David Roberts 433,125 2.5p
Julian Hammond 1,968,750 2.5p One-third of the Shares over which it was granted on the date of completion of the Placing; One-third of the shares on the first anniversary of the date of completion of placing; and One-third of the shares on the second anniversary of the date of completion of placing.

The fifth anniversary of the date of completion of the Placing, or the tenth anniversary of the date of grant (if earlier).
Clive Oliver 1,487,500 2.5p
Alexander Abramov 433,125
William Wells 433,125 2.5p
Adeola Ogunsemi 433,125 2.5p

'Placing' is defined as a transaction where Olisol Petroleum Limited, a wholly owned subsidiary of Olisol Investments Limited, or such other investor, subscribes for such number which brings significant funding into the Company.

Where the price per Share at which the Placing occurs is higher than the Exercise Price set out above then the Exercise Price shall automatically be adjusted to the Placing price and in any event where the par value of a Share on the date of exercise of this Option is higher than the Exercise Price as set out above, the Exercise Price shall automatically be adjusted to such par value.

As a result of the above, the PDMRs hold options over the following (aggregate) numbers of ordinary shares of the Company:

Name of PDMR Aggregate number of ordinary shares over which options granted Percentage of total issued ordinary shares of the Company
John Bell 4,712,500 1.3%
Julian Hammond 3,363,750 0.9%
Clive Oliver 2,427,500 0.6%
Alexander Abramov 433,125 0.1%
James Rawls 800,625 0.2%
David Henderson 680,625 0.2%
Adeola Ogunsemi 433,125 0.1%
David Roberts 680,625 0.2%
William Wells 433,125 0.1%

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