BW Energy: Long-Term Incentive Program – new awards
Source: GlobeNewswireBW Energy: Long-Term Incentive Program – new awards
The Board of Directors of BW Energy Limited ("BWE" or the "Company") approved the award of share options under a Long-Term Incentive Program (LTIP) adopted on 19 May 2021 to align the interests of the participating employees with those of the Company's shareholders. This year is the fourth annual award under the LTIP. The LTIP is discretionary, and participants are invited on an annual basis.
The total number of shares awarded under the LTIP for 2024 is 1,150,000, allocated to options that will give the holder the right to acquire one BW Energy share. A total of 10 BW Energy employees have been invited to participate in the program.
The strike price of the options is calculated based on the volume-weighted average share price five trading days prior to grant date, plus a premium of 15.75% (corresponding to a 5% increase annually over three years). The strike price for the options awarded on 1 August 2024 is NOK 36,41.
The options will have a vesting period of three years, followed by a three-year exercise period. Exercise windows will be set by the Company. The options will expire six years after the award date.
The options are non-tradable and conditional upon the option holder being employed by the Company and not having resigned or being terminated for cause prior to the vesting date.
Following the new awards, the Company will have a total of 5,820,400 outstanding options and 85,998 restricted shares units.
The following primary insiders of the Company have been awarded options under the LTIP for 2023:
1. Chief Executive Officer, Carl K. Arnet has been awarded 450,000 options
Following the award Carl K. Arnet has a total number of 2,800,000 options, total restricted share units of 43,167 and total shares held are 3,821,010.
2. Chief Commercial Officer, Thomas Kolanski has been awarded 150,000 options.
Following the award Thomas Kolanski has total number of 596,500 options, total restricted share units of 14,277, and total shares held are 873.
3. Chief Strategy Officer, Thomas M. Young has been awarded 150,000 options.
Following the award Thomas M. Young has total number of 596,500 options, total restricted share units of 14,277, and total shares held are 37,885.
For further information, please contact:
Brice Morlot, CFO BW Energy, +33.7.81.11.41.16
About BW Energy:
BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. BW Energy has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. BW Energy’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil and a 95% interest in the Kudu field in Namibia, all operated by BW Energy, as well as approximately 6.6% (on an undiluted basis) of the common shares of Reconnaissance Energy Africa Ltd. Total net 2P+2C reserves and resources were 580 million barrels of oil equivalent at the start of 2024.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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