12th Jul 2010 07:00
VIALOGY PLC
GRANT OF OPTIONS
Pasadena, July 12, 2010. ViaLogy PLC (LSE: VIY). On the recommendation of its remuneration committee, ViaLogy PLC announces the approval of new three-year employment contracts for the company's senior management and executive directors. The contracts include performance criteria and ensure management continuity for a critical period of the ViaLogy's development. The contracts also include the following time-based share option incentive awards:
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Director
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Options
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Price
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Exercise period
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|
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Terry Bond, Chairman
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4,475,408
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3.75p
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From 22nd June 2013 for 7 years
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Terry Bond, Chairman
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4,475,408
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1p
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From 22nd June 2013 for 7 years
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Dr Robert Dean, CEO
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3,032,421
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3.75p
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From 22nd June 2012 for 8 years
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Dr Robert Dean, CEO
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3,032,422
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1p
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From 22nd June 2012 for 8 years
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Dr Sandeep Gulati, CTO
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8,376,459
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1p
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Immediately for a period of 10 years
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Concurrent with these option grants, the Board has directed the executive management team to extend the application of its core technologies to additional oil patch product and service markets to include hydraulic fracturing and production operations, and shale gas plays, to generate future revenues and to realize greater value from core technology assets in upstream energy markets. The company's work to bring its QuantumRD technology from its current application as an internal platform to a licensable product for other companies is already underway.
In addition the company has granted a further 10,599,331 options to senior management, 5,299,665 have been granted at 3.75p, the remaining 5,299,666 options being granted at 1p per share. All of these options are fully exercisable from 2 July 2013 for seven years. Further information from: Robert W Dean, President & CEO - US +1 626-296-6337 Terry Bond, Chairman - UK & Europe +44 (0) 1235-834734 Nominated Advisor to ViaLogy PLC (Seymour Pierce) Mark Percy / Catherine Leftley, Corporate Finance +44 (0) 20-7107-8000 Katie Ratner / Jeremy Stephenson, Corporate Broking +44 (0) 20-7107-8000
About ViaLogy: ViaLogy provides reservoir characterization, geophysical imaging and hydrocarbon sizing services to global oil and gas customers based on proprietary, patented active signal processing technology. ViaLogy's QuantumRD platform assists clients in de-risking prospects over a broad range of subsurface lithologies and complex stratigraphies to generate drilling targets, position offsets and enhance recovery. ViaLogy's core technology rapidly and accurately detects weak signals buried in high noise background and clutter, and is applicable to active/passive seismic, electromagnetic and magnetotelluric data. By exploiting normally disregarded noise variations induced by changes in porosity, fluid presence and permeability across the formation, and adding computer-designed noise to the data, ViaLogy is able to amplify subtle noise variations to enhance areal and depth resolution in complex lithologies that are not achievable through conventional means. For more information on ViaLogy, visit www.vialogy.com.
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