Noreco: Conversion of Options into Shares and New Long-Term Incentive Scheme
Oslo, 19 September 2022: Norwegian Energy Company ASA (“Noreco” or the “Company”) announces changes to its employee incentive schemes. The Company’s existing options-based incentive scheme for the Executive Management Team will be replaced with a one-off Retention Scheme and an annual Long-Term Incentive Scheme (the "LTI"). In order to establish the Retention Scheme, existing options issued to employees of Noreco’s Executive Management Team will be cancelled and translated into retention shares that vest in full after three years in September 2025. The number of retention shares has