Reference is made to the press release as of 14 November 2014 regarding the Long Term Incentive Program established for employees.
The Board of Directors has decided to award 109,651,000 restricted stock units, corresponding to approximately 1.0% of the Company's outstanding shares, to management and certain key personnel in the Songa Offshore Group. The holders will get a right, upon vesting, to receive the awarded number of shares. The first half of the awarded shares is vested on 1 July 2017 and the second half is vested on 1 July 2018.
The following primary insiders have been awarded restricted stock units under the new Long Term Incentive Program:
Bjoernar Iversen, CEO: 19,195,000 restricted stock units. Mr. Iversen now holds 4,986,474 shares in the Company in addition to the new award. Mr. Iversen previously also held synthetic share options. These share options have been surrendered and returned to the company for cancellation.
Jan Rune Steinsland, CFO: 14,053,000 restricted stock units. Mr. Steinsland now holds 2,570,560 shares in the Company in addition to the new award. Mr. Steinsland previously also held synthetic share options. These share options have been surrendered and returned to the company for cancellation.
Mark Bessell, COO: 14,053,000 restricted stock units. Mr. Bessell now holds 735,482 shares in the Company in addition to the new award.
For the above members of the management, the new Long Term Incentive Plan has set certain percentages of their annual base salary as minimum-holding requirements, which shall be retained at all times during their employments.
25 November 2016
Limassol, Cyprus
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Songa Offshore SE via Globenewswire
