Songa Offshore SE : New incentive programs established for employees
(Thomson Reuters ONE) -
The Board of Directors of Songa Offshore SE (the "Company" and together with its
subsidiaries the "Songa Offshore Group") has established a new Long-Term
Incentive Program for management and certain key personnel of the Songa Offshore
Group and an Employee Discounted Share Purchase Plan for all employees. The new
Long-Term Incentive Program will replace the Company's existing Synthetic Share
Options Program established in 2009, and there will be no new awards under the
Synthetic Share Options Program.
The new Employee Discounted Share Purchase Plan gives all employees of the Songa
Offshore Group an opportunity to save a part of their salary. Following a
certain period of such savings, the relevant company in the Songa Offshore
Group, with which the employee is employed, will provide an additional
contribution based on the amount saved by the respective employee. The saving
made by the employee and the additional contribution will be used to purchase
Songa Offshore SE shares in the employee's name.
The Board of Directors has also decided to award 8,108,241 restricted stock
units, corresponding to approximately 0.9% of the Company's outstanding shares,
to management and a broad number of 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 2015 and the
second half is vested on 1 January 2016.
The following primary insiders have been awarded restricted stock units under
the new Long-Term Incentive Program:
Bjørnar Iversen, CEO: 1,108,209 restricted stock units.
Mr. Iversen now holds 1,415,000 shares in the Company and 1,000,000 synthetic
options in addition to the new award.
Jan Rune Steinsland, CFO: 811,343 restricted stock units.
Mr. Steinsland now holds 580,000 shares in the Company and 500,000 synthetic
share options in addition to the new award.
Mark Bessell, COO: 811,343 restricted stock units.
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.
November 14, 2014
Limassol, Cyprus
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Songa Offshore SE via GlobeNewswire
[HUG#1871228]
Unternehmensinformation / Kurzprofil:
Datum: 14.11.2014 - 08:30 Uhr
Sprache: Deutsch
News-ID 352663
Anzahl Zeichen: 3255
contact information:
Town:
Oslo
Kategorie:
Business News
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