Nordic American Tanker Shipping Ltd. - (NYSE: NAT) - Cancellation of
Director and Employee Stock Opt
(Thomson Reuters ONE) - Hamilton, Bermuda, August 14, 2009Nordic American Tanker Shipping Ltd. (the "Company") today announcedthat it has cancelled all stock options (400,000) reserved forissuance under the 2004 Stock Incentive Plan including the 320,000options previously granted to its directors (10,000 each, 60,000 intotal), to the Chairman and Chief Executive Officer (100,000), toemployees of the Company (80,000) and to employees of its Manager(80,000). The Stock Incentive Plan was established in November 2004when the Company became an operating company.The stock options were cancelled in exchange for a payment equal tothe difference between the strike price of the options and theclosing price of $30.70 per share for the Company's shares on the NewYork Stock Exchange August 13, 2009. The compensation of $7.23 peroption results in a cash outlay of $2.3 million for the Company,which is covered by cash on hand. The cancellation of the options isexpected to result in a charge of approximately $450,000 to theCompany's Profit & Loss account for the 3rd quarter 2009.Following the cancellation described above, there are no more stockoptions reserved for issuance under the Company's Stock IncentivePlan.Herbjorn Hansson, the Company's Chairman and Chief Executive Officerstated: "When the plan was introduced the Company had only threeships. With an operating fleet of 14 Suezmax tankers and twonewbuildings to be delivered next year, the Company today is verydifferent, and the cancellation of the options was appropriate. Iintend to use the net after-tax proceeds from the cancellation of my100,000 options to purchase shares of the Company in the openmarket."CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSMatters discussed in this press release may constituteforward-looking statements. The Private Securities Litigation ReformAct of 1995 provides safe harbor protections for forward-lookingstatements in order to encourage companies to provide prospectiveinformation about their business. Forward-looking statements includestatements concerning plans, objectives, goals, strategies, futureevents or performance, and underlying assumptions and otherstatements, which are other than statements of historical facts.The Company desires to take advantage of the safe harbor provisionsof the Private Securities Litigation Reform Act of 1995 and isincluding this cautionary statement in connection with this safeharbor legislation. The words "believe," "anticipate," "intend,""estimate," "forecast," "project," "plan," "potential," "may,""should," "expect," "pending" and similar expressions identifyforward-looking statements.The forward-looking statements in this press release are based uponvarious assumptions, many of which are based, in turn, upon furtherassumptions, including without limitation, our management'sexamination of historical operating trends, data contained in ourrecords and other data available from third parties. Although webelieve that these assumptions were reasonable when made, becausethese assumptions are inherently subject to significant uncertaintiesand contingencies which are difficult or impossible to predict andare beyond our control, we cannot assure you that we will achieve oraccomplish these expectations, beliefs or projections. We undertakeno obligation to update any forward-looking statement, whether as aresult of new information, future events or otherwise.Important factors that, in our view, could cause actual results todiffer materially from those discussed in the forward-lookingstatements include the strength of world economies and currencies,general market conditions, including fluctuations in charter ratesand vessel values, changes in demand in the tanker market, as aresult of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in our operating expenses,including bunker prices, drydocking and insurance costs, the marketfor our vessels, availability of financing and refinancing, changesin governmental rules and regulations or actions taken by regulatoryauthorities, potential liability from pending or future litigation,general domestic and international political conditions, potentialdisruption of shipping routes due to accidents or political events,vessels breakdowns and instances of off-hire, failure on the part ofa seller to complete a sale to us and other important factorsdescribed from time to time in the reports filed by the Company withthe Securities and Exchange Commission, including the prospectus andrelated prospectus supplement, our Annual Report on Form 20-F, andour Reports on Form 6-K.Contacts:Scandic American Shipping LtdManager for:Nordic American Tanker Shipping LimitedP.O Box 56, 3201 Sandefjord, NorwayTel: + 47 33 42 73 00 E-mail: nat(at)scandicamerican.comRolf Amundsen, Investor RelationsNordic American Tanker Shipping LimitedTel: +1 800 601 9079 or + 47 908 26 906Gary J. WolfeSeward & Kissel LLP, New York, USATel: +1 212 574 1223Turid M. Sørensen, CFONordic American Tanker Shipping LimitedTel: + 47 33 42 73 00 or + 47 905 72 927Herbjørn Hansson, Chairman and Chief Executive OfficerNordic American Tanker Shipping LimitedTel: +1 866 805 9504 or + 47 901 46 291http://hugin.info/201/R/1334859/317078.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 14.08.2009 - 11:53 Uhr
Sprache: Deutsch
News-ID 4727
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