Polarcus Award Of Employee Performance Share Units And Restricted Share Units
10 Jan 2020
Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) announces the award of performance share units (PSUs) and restricted share units (RSUs) to certain key employees pursuant to the Company’s Long Term Incentive Plan, the main terms of which were provided in the Notice to the Company’s Annual General Meeting held on 29 April 2019 and were approved at that general meeting. The detailed plan rules were approved by the Company’s Board of Directors, also on 29 April 2019.
Each PSU and RSU, upon vesting in accordance with the applicable terms, is convertible into one share of the Company’s common stock. Subject to the achievement of the vesting conditions, these PSU and RSU awards will vest over 3 years: 25% in Q1, 2021, 25% in Q1, 2022 and 50% in Q1, 2023. The number of PSUs to vest and be converted into shares will be determined by performance against target metrics established by the Board. For the 2020 performance year, the target metrics relate to total shareholder return and EBITDA.
A number of employees awarded PSUs and RSUs are also Primary Insiders of the Company. Details of the awards to Primary Insiders and their new holdings are attached.
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 seismic vessels with 3D and 4D imaging capabilities, which incorporate leading-edge maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced onboard processing solutions. The Company services its clients globally from its head office in Dubai and regional offices located in Houston, London and Singapore. For more information, visit www.polarcus.com
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.