Odfjell Technology Ltd (the “Company”) announces that the 2022 long term incentive plan, has now been approved by the Board of Directors and implemented by options to certain of its employees.
The basis for the awards is, amongst other, the recipients’ position in the Company and a review on the individual participant’s performance prior to the award. Any options awarded will, subject to the participant’s continued employment with the Company (or a subsidiary), be settled 3 years after grant.
Delivery of shares by exercising the options will take place from the Company’s pool of treasury shares or by issuing additional shares within the Company’s authorised share capital or, if an insufficient number of treasury shares exist, it will be settled by cash payment of an equivalent value.
The purpose of the long-term incentive plan is to further align the interests of the Company, its subsidiaries and its shareholders with the interests of employees who can contribute materially to the success and profitability of the Company. Such awards will recognize and reward performance and individual contributions and give participants in the plan an interest in the Company parallel to that of the shareholders, thus enhancing the proprietary and personal interest in the Company’s continued success and progress.
The Board of Directors has allocated options according to the plan to the following primary insiders in the Company, each as further described in the attached transaction forms:
Simen Lieungh, CEO, has been awarded 900,000 options in the Company.
Jone Torstensen, CFO, has been awarded 300,000 options in the Company.
For further queries, please contact:
Gillian Basson, Corporate Secretary +44 (0)7796 547889 gbas@odfjelldrilling.com
Aberdeen, United Kingdom 27 June 2022 Odfjell Technology Ltd.
This information is subject to the disclosure requirements in article 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.
