Golden Ocean Group Limited (the "Company") announces the issuance of 4,500,000 share options awarded to certain of the Company's Directors and employees. At the same time the share option program issued in July 2010 of 2,750,000 options is cancelled in order to reduce the total cost of the option program for the Company. The share options have been granted today on the terms set forth in the Company's previously approved Share Option Plan. The purpose of the Share Option Scheme is to promote long-term employment and align the long-term interest of shareholders and the employees.
The share options will have a five year term and will vest equally one quarter each year over a four year vesting period with the first quarter vesting on October 9, 2013. The strike price for the share options will be NOK 4.60. The strike price will be adjusted for dividends.
Primary insiders have received options as follow:
| John Fredriksen (Director) |
1,000,000 |
(750,000 cancelled) |
| Tor Olav Trøim (Director) |
75,000 |
|
| Cecilie Fredriksen (Director) |
75,000 |
|
| Hans Christian Børresen (Director) |
75,000 |
|
| Kate Blankenship (Director) |
75,000 |
|
| Herman Billung |
550,000 |
(250,000 cancelled) |
| Birgitte Ringstad Vartdal |
400,000 |
(200,000 cancelled) |
The Company's Primary Insiders are holding the following share options, shares and have exposure to total return swap agreements (TRS) as follows following these grants:
| |
Share Options |
Shares |
TRS |
| John Fredriksen (Director) |
1,100,000 |
* |
* |
| Tor Olav Trøim (Director) |
175,000 |
584,982 |
800,000 |
| Cecilie Fredriksen (Director) |
175,000 |
nil |
nil |
| Hans Christian Børresen (Director) |
175,000 |
106,000 |
nil |
| Kate Blankenship (Director) |
175,000 |
206,000 |
nil |
| Herman Billung |
550,000 |
100,000 |
nil |
| Birgitte Ringstad Vartdal |
400,000 |
60,000 |
nil |
* The share ownership of Mr. John Fredriksen is distinct from the shares owned by Hemen Holding Ltd which is indirectly controlled by trusts established by Mr. Fredriksen for the benefit of his immediate family.
Hamilton, Bermuda
October 9, 2012
Contact Person:
Herman Billung: CEO, Golden Ocean Management AS
+47 22 01 73 40
Birgitte Ringstad Vartdal: CFO, Golden Ocean Management AS
+47 22 01 73 53
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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Source: Golden Ocean Group via Thomson Reuters ONEHUG#1647834