Grant of employee share options

by polarcus on 28-Apr-10 00:00

The Board of Directors of Polarcus Limited (OAX: PLCS) has on 27 April 2010 awarded certain primary insiders share options according to the Company's share option scheme for employees approved in the Annual General Meeting of the Company on 27 April 2010.

 

The awarded share options have the following vesting time and exercise price:

  • 1/3 of the share options after one year with exercise price of NOK 6.071, being the volume weighted average price for which the Polarcus shares have been traded at Oslo Stock Exchange in the period of 30 trading days prior to 27 April 2010, plus 10%;
  • 1/3 of the share options after two years with exercise price of NOK 6.071, being the volume weighted average price for which the Polarcus shares have been traded at Oslo Stock Exchange in the period of 30 trading days prior to 27 April 2010, plus 20%;
  • 1/3 of the share options after three years with exercise price of NOK 6.071, being  the volume weighted average price for which the Polarcus shares have been traded at Oslo Stock Exchange in the period of 30 trading days prior to 27 April 2010, plus 30%

All share options must be exercised latest six years after the award or they will lapse.

 

A table of primary insiders that have been awarded share options on 27 April 2010, and their holdings, is attached for download.

 

This announcement is made pursuant to the disclosure requirements of the Norwegian Securities Trading Act §5-12.

 

Contacts

 

Rolf Ronningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982

Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480

 

About Polarcus

 

Polarcus is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. Polarcus is launching a fleet of modern 3D seismic vessels using the innovative ULSTEIN X-BOW® design and incorporating advanced maritime technologies for improved operational efficiency with a reduced environmental footprint. Polarcus offers contract seismic surveys and multi client projects worldwide and has its principal office in Dubai, United Arab Emirates. For more information, visit www.polarcus.com


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