GeoPark Ltd | CIK:0001464591 | 3

  • Filed: 4/12/2018
  • Entity registrant name: GeoPark Ltd (CIK: 0001464591)
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    • ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory

    Note 30
    Share-based payment
     
    IPO Award Program and Executive Stock Option plan
     
    The Group has established different stock awards programs and other share-based payment plans to incentivise the Directors, senior management and employees, enabling them to benefit from the increased market capitalisation of the Company.
     
    Stock Award Program and Other Share Based Payments
     
    During 2008, GeoPark Shareholders voted to authorize the Board to use up to 12% of the issued share capital of the Company at the relevant time for the purposes of the Performance-based Employee Long-Term Incentive Plan.
     
    During 2016, the Group approved a share-based compensation program for 1,619,105 shares. Main characteristics of the Stock Awards Programs are:
    ·
    All employees are eligible.
    ·
    Exercise price is equal to the nominal value of shares.
    ·
    Vesting period is three years.
    ·
    Each employee could receive up to three salaries by achieving the following conditions: continue to be an employee, the stock market price at the date of vesting should be above US$ 3 and obtain the Group minimum production, adjusted EBITDA and reserves target for the year of vesting.
     
    Also during 2016, the Group approved a plan named Value Creation Plan (“VCP”) oriented to Top Management. Main characteristics of the VCP are:
    ·
    Awards payables in a variable number of shares which shall not exceed the quantity of 2,976,781 shares.
    ·
    Subject to certain market conditions, among others, reaching a stock market price for the Company shares of US$ 4.05 at vesting date.
    ·
    Vesting date: 31 December 2018.
    VCP has been classified as an equity-settled plan.
     
    Details of these costs and the characteristics of the different stock awards programs and other share based payments are described in the following table and explanations:
     
     
     
     
     
    Awards
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Awards at
     
    granted
     
     
     
     
     
    Awards
     
     
     
     
     
     
     
     
     
     
     
    the
     
    in the
     
    Awards
     
    Awards
     
    at year
     
    Charged to net loss / profit
     
    Year of issuance
     
    beginning
     
    year
     
    forfeited
     
    exercised
     
    end
     
    2017
     
    2016
     
    2015
     
    2016
     
     
    1,619,105
     
     
    -
     
     
    31,109
     
     
    -
     
     
    1,587,996
     
     
    865
     
     
    445
     
     
    -
     
    2014
     
     
    490,000
     
     
    -
     
     
    -
     
     
    490,000
     
     
    -
     
     
    838
     
     
    821
     
     
    898
     
    2013
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    594
     
    2012
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    855
     
     
    636
     
    2011
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    879
     
    Subtotal
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    1,703
     
     
    2,121
     
     
    3,007
     
    Stock options to Executive Directors
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    2,390
     
    Shares granted to Non-Executive Directors
     
     
    -
     
     
    70,485
     
     
     
     
     
    70,485
     
     
     
     
     
    454
     
     
    400
     
     
    371
     
    VCP 2013
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    617
     
    VCP 2016
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    1,868
     
     
    934
     
     
    -
     
    Executive Directors Bonus
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    -
     
     
    (325)
     
     
    400
     
    Key Management Bonus
     
     
    82,306
     
     
    -
     
     
    -
     
     
    82,306
     
     
    -
     
     
    -
     
     
    202
     
     
    1,438
     
    Stock awards for service contracts
     
     
    -
     
     
    12,546
     
     
    -
     
     
    12,546
     
     
    -
     
     
    50
     
     
    35
     
     
    -
     
     
     
     
    2,191,411
     
     
    83,031
     
     
    31,109
     
     
    655,337
     
     
    1,587,996
     
     
    4,075
     
     
    3,367
     
     
    8,223
     
     
    The awards that are forfeited correspond to employees that had left the Group before vesting date.