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Investors and financial media

Dean Zuzic, CFO, AqualisBraemar LOC ASA
Telephone: +47 41 43 35 60

Other media enquiries

Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no

About AqualisBraemar LOC ASA

AqualisBraemar LOC ASA (OSE: Aqua) offers independent energy and marine consultancy to the global renewables, maritime and oil and gas sectors. The group has offices in 38 countries worldwide. AqualisBraemar LOC ASA operates under seven brands: AqualisBraemar LOC, OWC, Innosea, Longitude, JLA, East Point Geo and ABL Yachts.

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Employee share option program

The Board of Directors of AqualisBraemar LOC ASA (the “Company” or “ABL”) has, in line with the previous announcement, implemented an additional long-term incentive plan (the “LTIP”) aimed to align the interests of the participating employees with those of the Company’s shareholders.

Under the new LTIP, the Company has granted a total of 11,000,000 share options to selected employees, where each option will give the holder the right to acquire one share in AqualisBraemar LOC ASA. The options are granted without consideration. The grant of options is based on the authorization granted by the general meeting on 14 December 2020 to issue new shares in connection with the Company’s employee incentive program. These share options come in addition to the approximately 8.5 million share options previously issued under the existing long-term incentive plan.

The exercise price for the options is NOK 6.10, equal to the issue price in the private placement completed on 14 December 2020. The options will vest on 14 December 2023, three years after the authorization granted by the general meeting. All unexercised options will expire nine months after vesting. Exercise periods will be set by the Company.

The options are non-tradable and conditional upon the option holder being employed by the Company and not having resigned prior to exercise.

Subject to certain conditions, the option holders are obligated to reinvest 25 percent of the pre-tax net gain on the options in ABL shares, and to hold these shares for up to three years following exercise. One third of these shares will be released from this obligation for every year following exercise.

The Board of Directors may choose to settle the options by way of cash settlement in lieu of issuing new shares. Exercise terms may be reasonably adjusted by the Board of Directors in the event of dividend payments, share splits or certain other events relating to the equity share capital of the Company.

Primary insiders in the Company have received the following option grants, according to the terms described above:

David Wells, CEO, has been granted 135,000 share options. Following the grant, he holds 1,126,998 shares and 135,000 share options in the Company.

RV Ahilan, Chief Energy Transition Officer, has been granted 260,000 share options. Following the grant, he holds 737,705 shares and 260,000 share options in the Company.

Dean Zuzic, CFO, has been granted 135,000 share options. Following the grant, he holds 0 shares and 135,000 share options in the Company.

Svein Staalen, General Counsel, has been granted 135,000 share options. Following the grant, he holds 202,864 shares and 135,000 share options in the Company.

Primary insider holdings above include indirect holdings and close associates.