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Investor News: Share Incentive Scheme and Grants to Directors

November 2017

Brave Bison Group plc (AIM: BBSN) announces that the Company has adopted a new long-term share incentive plan, in replacement of the Company’s existing share option scheme.

RSU Plan

The new scheme provides for the grant of restricted stock units (“RSUs”) to participants, which subject to vesting, shall entitle the participant to receive new ordinary shares of 0.1p in the Company (“Shares”) upon exercise of the RSUs on a one-for-one basis. The total pool of RSUs shall be limited to 12.5 per cent. of the Company’s issued ordinary share capital.RSUs shall usually vest over a 3-year period from date of grant, subject only to the continued employment of the participant, and shall expire following a 10-year period. The RSU exercise price shall be determined, at the discretion of the Board, at the time of grant. The Company intends to grant RSUs to existing option-holders in replacement of their options under the Company’s previous option scheme.

Grant to Directors

RSUs have today been granted by the remuneration committee to certain Directors as follows:

  • Claire Hungate, Chief Executive Officer, has been granted 28,695,461 RSUs. Each RSU may be exercised subject to vesting, at 0.1 pence per Share, and shall vest on a monthly straight-line basis over a 2-year period, starting on 1 August 2017 (being Claire’s commencement date with the Company).

  • Paul Campbell-White, Chief Financial Officer, has been granted 5,739,092 RSUs. Each RSU may be exercised, subject to vesting, at 0.1 pence per Share, and shall vest on a monthly straight-line basis over a 3-year period, starting on 26 October 2017 (being Paul’s commencement date with the Company).

Related Party Transaction

The grants of the RSUs to Claire Hungate and Paul Campbell-White comprise a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies.  The independent directors of Brave Bison (being Sir Robin Miller, Paul Marshall and Marc Cranmer), having consulted with the Company’s Nominated Adviser, Stockdale Securities, consider that the grants of the RSUs are fair and reasonable insofar as the shareholders of the Company are concerned.

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