The Board of Directors of TGS-NOPEC Geophysical Company ASA has authorized the award of PSUs (Performance Stock Units) and RSUs (Restricted Stock Units) to be granted to 70 key employees of the Company.
The list of primary insiders receiving PSUs and RSUs is attached. In accordance with the measures approved by the Shareholders of TGS at the Annual General Meeting on 9 May 2017, the PSUs and the RSUs are secured by free-standing warrants.
Each PSU represents the right to receive the maximum of one share, while each RSU represents the right to receive one share.
The PSUs have been granted to members of the executive team and will vest on the third anniversary of the date of grant provided the executive remains employed with TGS on the vesting date. Upon vesting, the PSUs will be converted to TGS shares, depending on performance versus target metrics. The number of shares will be determined by multiplying the number of PSUs granted by a factor of 0% to 100%. The factor is determined by performance against three target metrics: relative return on average capital employed compared against a defined peer group of companies, (ii) TGS’ return on average capital employed, and (iii) HSE. Each of the performance metrics is measured for the period 1 January 2017 through 31 December 2019.
The RSUs have been granted to certain non-executive key employees and will also vest on the third anniversary of the date of grant provided the employee remains employed at vesting and has achieved a satisfactory performance rating against their goals over the three year plan period. Upon vesting, the holder of the RSUs will receive an equivalent number of TGS shares.
Primary Insider Warrants
|Employee||17 August 2017 PSUs/RSUs awarded||Total balance of free-standing warrants related to PSUs/RSUs|
|Sven Børre Larsen||32,000||84,000|