Polarcus issues share options to CEOCompany News // May 12, 2017
Polarcus has awarded 1,300,000 share options to its recently appointed Chief Executive Officer, Duncan Eley.
The award is in accordance with the company's 2016 share option plan of which the main terms were approved in the Annual General Meeting on 12 May 2016.
The share options have an exercise price of NKr 0.24, being the volume weighted average price for which the Polarcus shares have been traded at Oslo Stock Exchange in the prior 30-day trading period.
The options are exercisable in three equal tranches (two years, three years and four years after grant), and expire seven years after grant.
The exercise of the options is conditional upon the 30 days' volume weighted average price of the share exceeding the exercise price by at least 30 per cent at one time during the exercise period.
Following the award, Mr Eley holds 2,658,500 options under the 2016 share option plan and 50,000 shares.