ASKER, NORWAY (5 August 2019) – In accordance with the measures approved by the Shareholders of TGS at the Annual General Meeting on 10 May 2016, the Board of Directors of TGS NOPEC Geophysical Company ASA authorized TGS to grant Performance Stock Units (PSUs) and Restricted Stock Units (RSUs) under the 2016 Long Term Incentive Plan to 64 key employees of the company on 5 August 2016. Each RSU represented the right to receive one share, while each PSU represented the right to receive a maximum of one share depending on performance versus target metrics measured through the period 1 January 2016 to 31 December 2018. The granted PSUs and RSUs were secured by free-standing warrants and vested on the third anniversary of the date of the grant.
On 5 August 2019, the PSUs and RSUs vested in accordance with the terms of the 2016 Long Term Incentive Plan, resulting in a total of 59 PSU/RSU holders having the right to request the issuance of a total of 239,094 TGS shares at par value NOK 0.25. The TGS Board of Directors determined that the final payout on the PSUs is 39.375% based on achievement of performance metrics set forth in the plan, resulting in a total of 107,494 shares issuable to nine employees for the vested PSUs. The remaining PSUs granted will be forfeited in accordance with the terms of the plan. In addition, 131,600 shares are issuable to 50 employees for the vesting of the RSUs.
PSU/RSU holders have the option of allowing a portion of their vested shares to be cash settled by TGS, using the fair market value of the shares as defined under the plan, to cover tax withholding obligations and other necessary deductions that arise in connection with the vest.
The following primary insiders have the right to request the issuance of the following number of TGS shares related to the vesting of the PSUs/RSUs, a portion of which may be cash-settled as described above:
- Knut Agersborg has subscribed for 9,056 shares
- Katja Akentieva has subscribed for 10,238 shares
- Fredrik Amundsen has subscribed for 10,238 shares
- William J.C. Ashby has subscribed for 9,056 shares
- Whitney Eaton has subscribed for 1,800 shares
- Kristian Kuvaas Johansen has subscribed for 26,775 shares
- Sven Børre Larsen has subscribed for 12,600 shares
- Zhiming Li has subscribed for 10,238 shares
- Tana LaDon Pool has subscribed for 9,056 shares
Attached is the list of primary insiders reflecting the balance of granted PSUs and RSUs before and after the vesting of the 2016 Long Term Incentive Plan.
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi- client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.
For more information visit TGS online at www.tgs.com (http://www.tgs.com).
For further information regarding this announcement please contact:
Sven Børre Larsen
Chief Financial Officer
Tel: +47 909 43 673
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Primary Insiders Warrants Balance
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