FRO - Appointment of Director and share incentive program 2009
(Thomson Reuters ONE) - The Board of Frontline Ltd. ("Frontline" or the "Company") is pleasedto announce the appointment of Tony Curry as a Director to fill in avacancy on the Board. Mr. Curry retired from Shell in May 2009 havingspent 40 years in Shell Shipping. For the past 12 years he was theTime Charter & Sale and Purchase Manager. Prior to this he spentseven years in Shell Western Services, Nassau, Bahamas as the OilFreight Manager. He is very familiar with the international oil andtanker sector, but also the growing LNG and LPG areas. Mr. Curry isvery well known and respected in the Shipping Industry worldwide.The Company further announces that the existing Share Option Schemeof the Company is being cancelled and share options will be grantedto the Board of Directors, senior management and other employeespursuant to a new Share Option Scheme approved by the Company ingeneral meeting on September 25, 2009.A total of 663,000 new options will be granted while all of the618,000 previously awarded options to the Board of Directors, seniormanagement and other employees will be cancelled. The new optionswill have a five-year term and will vest equally one third each yearover a three-year vesting period. Out of the total number of options350,000 have been awarded to primary insiders, the allocation ofthese is set out in the attached file. The strike price for the newoptions has been set to NOK 145.00 per share.The purpose of the new Share Option Scheme is to promote long-termemployment and align the long-term interest of shareholders andsenior employees.October 7, 2009The Board of DirectorsFrontline Ltd.Hamilton, Bermudahttp://hugin.info/182/R/1346204/323313.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 07.10.2009 - 12:56 Uhr
Sprache: Deutsch
News-ID 6676
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