ROK Resources has announced a restructured long-term incentive plan featuring a new restricted share unit (RSU) plan. The RSU Plan introduces minimum company ownership requirements for executives and directors, with the CEO required to own 3x annual salary, other officers 2x salary, and directors 3x annual retainer. The RSUs will be cash-settled and non-dilutive, with officers' RSUs vesting one-third immediately and the remainder over two years, while directors' RSUs vest upon resignation or change of control. As part of this restructuring, officers and directors will forfeit 11,910,000 options (67% of current options), leaving 5,760,000 options outstanding. The company is proceeding with its previously announced NCIB to repurchase up to 10% of public float. Following the $6.29 million proceeds from unwinding crude oil swap hedges, ROK maintains positive working capital with no debt and an unused $5.0 million revolving credit facility.
ROK Resources ha annunciato una ristrutturazione del piano di incentivi a lungo termine, introducendo un nuovo piano di unità azionarie vincolate (RSU). Il piano RSU prevede requisiti minimi di proprietà aziendale per dirigenti e amministratori, con il CEO obbligato a detenere azioni per un valore pari a 3 volte lo stipendio annuo, altri dirigenti 2 volte lo stipendio e gli amministratori 3 volte il compenso annuo. Le RSU saranno liquidate in contanti e non diluitive; per i dirigenti, un terzo delle RSU matura immediatamente, mentre il resto in due anni, mentre per gli amministratori le RSU maturano in caso di dimissioni o cambio di controllo. Nell'ambito di questa ristrutturazione, dirigenti e amministratori rinunceranno a 11.910.000 opzioni (67% delle opzioni attuali), lasciandone 5.760.000 in circolazione. L'azienda procede con il precedente programma di riacquisto di azioni sul mercato (NCIB) per un massimo del 10% del flottante pubblico. Dopo i proventi di 6,29 milioni di dollari derivanti dalla chiusura delle coperture su swap di petrolio greggio, ROK mantiene un capitale circolante positivo, senza debiti e con una linea di credito rotativa inutilizzata da 5,0 milioni di dollari.
ROK Resources ha anunciado una reestructuración de su plan de incentivos a largo plazo, presentando un nuevo plan de unidades de acciones restringidas (RSU). El plan RSU establece requisitos mínimos de propiedad en la empresa para ejecutivos y directores, con el CEO obligado a poseer acciones equivalentes a 3 veces su salario anual, otros ejecutivos 2 veces el salario y los directores 3 veces la asignación anual. Las RSU se liquidarán en efectivo y no serán dilutivas; para los ejecutivos, un tercio de las RSU se consolida inmediatamente y el resto en dos años, mientras que para los directores las RSU se consolidan al renunciar o en caso de cambio de control. Como parte de esta reestructuración, ejecutivos y directores renunciarán a 11,910,000 opciones (67% de las opciones actuales), dejando 5,760,000 opciones vigentes. La compañía continúa con su programa previamente anunciado de recompra de acciones en el mercado abierto (NCIB) para recomprar hasta el 10% del flotante público. Tras los ingresos de 6.29 millones de dólares provenientes de la cancelación de coberturas con swaps de crudo, ROK mantiene un capital de trabajo positivo, sin deuda y con una línea de crédito revolvente no utilizada de 5.0 millones de dólares.
ROK Resources는 새로운 제한 주식 단위(RSU) 계획을 포함한 장기 인센티브 계획을 재구성했다고 발표했습니다. RSU 계획은 경영진과 이사의 최소 회사 소유 요건을 도입하며, CEO는 연봉의 3배, 다른 임원은 연봉의 2배, 이사는 연간 보수의 3배를 소유해야 합니다. RSU는 현금으로 정산되며 희석되지 않으며, 임원의 RSU는 3분의 1이 즉시 베스팅되고 나머지는 2년에 걸쳐 베스팅되며, 이사의 RSU는 사임 또는 지배권 변경 시 베스팅됩니다. 이번 재구성의 일환으로 임원과 이사는 11,910,000개의 옵션(현재 옵션의 67%)을 포기하여 5,760,000개의 옵션만 남게 됩니다. 회사는 이전에 발표한 최대 10%의 공공 유통 주식 재매입 프로그램(NCIB)을 진행 중입니다. 원유 스왑 헤지 청산에서 629만 달러의 수익을 거둔 후, ROK는 부채 없이 긍정적인 운전자본을 유지하며 500만 달러의 미사용 회전 신용 시설을 보유하고 있습니다.
ROK Resources a annoncé une restructuration de son plan d'incitation à long terme avec l'introduction d'un nouveau plan d'unités d'actions restreintes (RSU). Le plan RSU impose des exigences minimales de détention d'actions pour les dirigeants et administrateurs, le PDG devant détenir l'équivalent de 3 fois son salaire annuel, les autres cadres 2 fois leur salaire, et les administrateurs 3 fois leur rémunération annuelle. Les RSU seront réglées en espèces et non dilutives ; pour les cadres, un tiers des RSU est acquis immédiatement, le reste sur deux ans, tandis que pour les administrateurs, les RSU sont acquises en cas de démission ou de changement de contrôle. Dans le cadre de cette restructuration, les cadres et administrateurs abandonneront 11 910 000 options (67 % des options actuelles), ne laissant que 5 760 000 options en circulation. La société poursuit son programme de rachat d'actions annoncé précédemment (NCIB) pour racheter jusqu'à 10 % du flottant public. Après avoir encaissé 6,29 millions de dollars issus de la clôture des couvertures par swaps sur pétrole brut, ROK maintient un fonds de roulement positif, sans dette, et dispose d'une facilité de crédit renouvelable inutilisée de 5,0 millions de dollars.
ROK Resources hat einen umstrukturierten langfristigen Anreizplan mit einem neuen Restricted Share Unit (RSU)-Plan angekündigt. Der RSU-Plan führt Mindestbeteiligungsanforderungen für Führungskräfte und Direktoren ein, wobei der CEO Aktien im Wert des Dreifachen seines Jahresgehalts besitzen muss, andere Führungskräfte das Doppelte ihres Gehalts und Direktoren das Dreifache ihrer jährlichen Vergütung. Die RSUs werden bar abgewickelt und sind nicht verwässernd; bei Führungskräften werden ein Drittel der RSUs sofort fällig, der Rest über zwei Jahre, während die RSUs der Direktoren bei Rücktritt oder Kontrollwechsel fällig werden. Im Rahmen dieser Umstrukturierung werden Führungskräfte und Direktoren 11.910.000 Optionen (67 % der aktuellen Optionen) aufgeben, sodass noch 5.760.000 Optionen ausstehen. Das Unternehmen setzt das zuvor angekündigte NCIB-Programm fort, um bis zu 10 % des Streubesitzes zurückzukaufen. Nach Einnahmen von 6,29 Millionen US-Dollar aus der Abwicklung von Rohöl-Swap-Hedging hält ROK ein positives Working Capital, ist schuldenfrei und verfügt über eine ungenutzte revolvierende Kreditlinie in Höhe von 5,0 Millionen US-Dollar.
Positive
Officers and directors forfeiting 11,910,000 options (67% of current options), reducing dilution potential
Implementation of minimum ownership requirements aligns management interests with shareholders
Strong financial position with positive working capital and no outstanding debt
$5.0 million revolving credit facility remains fully available
$6.29 million in proceeds generated from unwinding crude oil swap hedges
Negative
None.
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES
REGINA, SK / ACCESS Newswire / June 18, 2025 / ROK Resources Inc. ("ROK" or the "Company") (TSXV:ROK)(OTCQB:ROKRF) is pleased to announce a revised long-term incentive plan with the introduction of a restricted share unit plan ("RSUs" or the "RSU Plan"). The RSU Plan reflects the Company's long-term objectives to: (i) adopt industry best practises to retain/attract talent, and (ii) align officers' and directors' interests with shareholders.
Details of the RSU Plan are as follows:
Minimum Company Ownership Requirements:
President and CEO to own no less than 3x their annual salary of the Company.
Other officers to own no less than 2x their annual salary of the Company.
Directors to own no less than 3x their annual retainer of the Company.
Non-Dilutive: RSUs to settle in cash.
Vesting Provisions:
For officers, RSUs vest as to one-third immediately with an additional one-third vesting each anniversary of the grant.
For directors, RSUs vest only upon resignation or a change of control event.
As part of the restructuring of the long-term incentive plan, all officers and directors have agreed to forfeit their options and will be entering into agreements with respect to same in due course. This will result in 11,910,000 options being forfeited by officers and directors, which represents 67% of options currently granted, and leaving only 5,760,000 options outstanding.
NCIB Update
The Company continues to move forward with the normal course issuer bid ("NCIB") to purchase and cancel up to 10% of the Public Float of the Company's issued and outstanding Common shares, as discussed in the Company press release dated June 5, 2025. The Company considers it an effective use of its financial resources to repurchase its Common Shares when the market price of the Common Shares does not fully reflect their underlying value. Shareholders of the Company will be advised of the progress of the NCIB in the next quarterly report of the Company to be filed on SEDAR+.
Financial Update
Subsequent to the unwinding of its crude oil swap hedges which generated proceeds of $6.29 million, as outlined in the Company press release dated May 7, 2025, the Company continues to maintain a positive working capital balance with no outstanding debt balance. The Company currently maintains a $5.0 million revolving demand credit facility with a Chartered Canadian Bank which is currently unutilized.
About ROK
ROK is primarily engaged in petroleum and natural gas exploration and development activities in Alberta and Saskatchewan. It has offices located in both Regina, Saskatchewan, Canada and Calgary, Alberta, Canada. ROK's common shares are traded on the TSX Venture Exchange under the trading symbol "ROK".
For further information, please contact:
Bryden Wright, President and Chief Executive Officer Jared Lukomski, Senior Vice President, Land & Business Development Phone: (306) 522-0011 Email: investor@rokresources.ca Website: www.rokresources.ca
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Company's objectives, goals, or future plans and the expected results thereof. Forward-looking statements are necessarily based on several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include but are not limited to general business, economic and social uncertainties; litigation, legislative, environmental, and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in ROK's public documents filed on SEDAR+ at www.sedarplus.ca; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether because of new information, future events, or otherwise.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility of the adequacy or accuracy of this release.
What are the key changes in ROK Resources' (ROKRF) new long-term incentive plan?
ROK Resources introduced a new RSU plan with minimum ownership requirements for executives and directors, cash-settled RSUs, and specific vesting schedules. Officers and directors will forfeit 11,910,000 options as part of the restructuring.
What are the ownership requirements for ROK Resources executives under the new RSU plan?
The CEO must own at least 3x annual salary in company shares, other officers must own 2x annual salary, and directors must own 3x their annual retainer.
How will ROK Resources' (ROKRF) RSU vesting schedule work?
For officers, RSUs vest one-third immediately with additional one-third vesting each anniversary of the grant. For directors, RSUs vest only upon resignation or a change of control event.
What is ROK Resources' current financial position after unwinding crude oil swap hedges?
ROK maintains positive working capital with no debt, has an unused $5.0 million revolving credit facility, and generated $6.29 million from unwinding crude oil swap hedges.
How many stock options will remain outstanding after ROK Resources' incentive plan restructuring?
After the forfeiture of 11,910,000 options by officers and directors, 5,760,000 options will remain outstanding.
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