Mandatory notification of trade
(Thomson Reuters ONE) - The board of directors of Songa Offshore SE has established a newincentive programme for certain key personnel of the Songa OffshoreGroup. The programme replaces the existing share option programme ofthe Company awarded in 2008, and comprises the granting of stockappreciation rights (or so-called "synthetic options") correspondingto the value of 2,435,000 ordinary shares in the Company in total (orapprox. 1.78% of the Company's existing share capital).Under the new incentive programme, each right gives the holder aright to receive, upon exercise, a cash compensation equal to thequoted share price of the shares upon exercise, less the strikeprice. The strike price is NOK 13.20 per share, which equals theclosing price for the Shares on the Oslo Stock Exchange on 31December 2008. The rights will be vested over a 3 year period countedfrom 1 January 2009, with 1/3 of the rights being vested eachfollowing year. The rights may be exercised at any time in the 24month period after the relevant vesting period.The following primary insiders have on 9 December 2009 been awardedstock appreciation rights under the new incentive programme:* Asbjørn Vavik, CEO, 600,000 stock appreciation rights. Following the transaction, Mr. Vavik holds 100,001 shares and 600,000 rights to shares in the Company (including the stock appreciation rights).* Tom Jebsen, CFO, 600,000 stock appreciation rights. Following the transaction, Mr. Jebsen holds 166,536 shares and 600,000 rights to shares in the Company (including the stock appreciation rights).* Trond Christensen, COO, 600,000 stock appreciation rights. Following the transaction, Mr. Christensen holds 320,001 shares and 600,000 rights to shares in the Company (including the stock appreciation rights).This information is subject to disclosure requirements according tosection 4-1 and section 5-2 of the Norwegian Securities Trading Act.Limassol, 2009-12-09This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 09.12.2009 - 20:44 Uhr
Sprache: Deutsch
News-ID 9460
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"Mandatory notification of trade"
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