Reference is made to the resolution by the 2019 annual general meeting of Electromagnetic Geoservices ASA (“EMGS” or the “Company”) to authorise the board of directors of the Company to issue share options to the Company’s employees as part of a long-term incentive plan.
In accordance with the authorisation, the Company has today granted 12,500 share options to each employee. This equals a total of 1,512,500 share options being issued by the Company.
The exercise price for the share options is NOK 2.1735, equal to the average volume weighted trading price for the share on the Oslo Stock Exchange over the 30-day period preceding the grant date. Each option gives the right to acquire one share in the Company. The options were granted without consideration.
The share options will vest over a period of four years from the grant date, with 25% vesting annually. The share options expire two years from each vesting date. Vesting is conditional on the employee still being employed by the Company at the vesting date.
A condition for receiving the new share options is that employees who currently hold options issued before this grant, waives such pre-existing options. As these pre-existing options are deemed to have no economic value, the Company expects that all employees will accept the new options and that following full implementation of the grant, the total number of options outstanding in the Company will hence be 1,512,500.
The following primary insiders of the Company have been granted share options on 7 February 2020:
* Aase Kornstad Aune, Office Manager and HR Coordinator, has been granted 12,500 share options. Following the grant, the primary insider holds a total of 12,500 share options and zero (0) shares in the Company.
* Øyvind Greaker Bjørndal, Chief Legal Counsel, has been granted 12,500 share options. Following the grant, the primary insider holds a total of 12,500 share options and 11,000 shares in the Company.
* Knut Anders Eimstad, Interim CFO, has been granted 12,500 share options. Following the grant, the primary insider holds a total of 12,500 share options and zero (0) shares in the Company.
* Dag Helland-Hansen, Global Exploration Advisor and BU President EMEA, has been granted 12,500 share options. Following the grant, the primary insider holds a total of 12,500 share options and 40,000 shares in the Company.
* Marte Vist Karlsen, employee elected board member, has been granted 12,500 share options. Following the grant, the primary insider holds a total of 12,500 share options and zero (0) shares in the Company.
* Bjørn Petter Lindhom, CEO, has been granted 12,500 share options. Following the grant, the primary insider holds a total of 12,500 share options and 17,003 shares in the Company.
* Adam James Robinson, employee elected alternate board member, has been granted 12,500 share options. Following the grant, the primary insider holds a total of 12,500 share options and zero (0) shares in the Company.
* Even Hofstad Selnæs, VP Human Resources, has been granted 12,500 share options. Following the grant, the primary insider holds a total of 12,500 share options and zero (0) shares in the Company.
* Markus Skarø, EVP Acquisition, has been granted 12,500 share options. Following the grant, the primary insider holds a total of 12,500 share options and 56 shares in the Company.
* Jon Gunnar Solheim, employee elected board member, has been granted 12,500 share options. Following the grant, the primary insider holds a total of 12,500 share options and 27,000 shares in the Company.
* Ellen Trolid, employee elected alternate board member, has been granted 12,500 share options. Following the grant, the primary insider holds a total of 12,500 share options and zero (0) shares in the Company.
Contact
Anders Eimstad, EMGS Interim Chief Financial Officer, +47 948 25 836
About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The Company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston, Mexico City, Rio de Janeiro and Kuala Lumpur.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act