Stock Award and Subsequent Outstanding Shares Update
The Board of Directors of Northern Offshore, Ltd.
(Oslo Bors: NOF.OL) has approved a share incentive
program for 2013 pursuant to the shareholder approved
2008 Stock Incentive Plan. The program allocates
3,065,231 restricted shares of Northern Offshore,
Ltd., at a price of USD1.83/share, to company
employees. Of these allocated restricted shares,
1,675,149 were granted to primary insider employees.
The purpose of the share incentive program is to
align management incentives with shareholder
interests and promote retention of key personnel.
The shares vest in one-third (1/3) increments at
twelve (12), twenty-four (24) and thirty-six (36)
months from date of grant.
Subsequent to the above grants, withholdings for tax
purposes, some forfeitures of restricted shares
by resigning employees and a grant of 167,598 shares
to the directors of the company also at
USD1.83/share, the total number of outstanding shares
issued by the company as of January 30, 2013, is
The senior employees considered primary insiders have
received the following restricted shares in the above
Gary Caswell President and CEO 883,333
Paul Ravesies Senior Vice President 395,908
Gary Bauer Senior Vice President 395,908