Grant of employee share options
13 May 2016
Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) announces that the Board of Directors on 12 May 2016 granted 14,175,000 share options to certain employees according to the Company’s 2016 share option plan of which the main terms were approved in the Company’s 2016 Annual General Meeting on 12 May 2016.
The awarded share options (the “Options”) have an exercise price of NOK 0.81 being the volume weighted average price for which the Polarcus shares (the “Shares”) have been traded at Oslo Stock Exchange in the period of 30 trading days prior to 12 May 2016.
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% at one time during the exercise period.
The share options awarded to the primary insiders and their new holdings are included on the attached.
Rod Starr, CEO
+971 4 436 0800
Hans-Peter Burlid, CFO
+971 50 559 8175
Polarcus (OSE: PLCS) is an innovative marine geophysical company with a pioneering environmental agenda, delivering high-end towed streamer data acquisition and imaging services from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating leading-edge maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced onboard processing solutions and employs nearly 500 professionals worldwide. The Company’s principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)