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Höegh LNG : Employee Benefit Plans - New awards - Mandatory notification of trade

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Hamilton, Bermuda, 27 January 2020 - Höegh LNG Holdings Ltd. (the "Company") has in place two employee benefits plans for senior management and key employees in the Höegh LNG Group; (i) the biennial award of stock options in the Company (the "Stock Option Program") and (ii) the biennial award of phantom units in Höegh LNG Partners LP ("HMLP") (the "Phantom Unit Program").

As further set out below, the Board of Directors of the Company has approved new awards under both programs.

Stock Option Program Round 5

Reference is made to stock exchange notices dated 2 February 2012, 4 February 2014, 1 February 2016 and 23 March 2018 where the Company announced the award of stock options in the Company under the Stock Option Program.

The Board has approved the award of 1,301,563 stock options in the Company (the "Stock Options") at a fixed strike price in a fifth round of the Stock Option Program ("Round 5"). The strike price of the Stock Options is NOK 30.42, which is equal to the average closing price of the Company's share over the last five trading days prior to the award. The Options will vest with one third on 31 December 2021, 2022 and 2023, respectively. The Options are non-tradable and conditional upon the participant being employed by the Company or its subsidiaries at the vesting date. Additional options may be awarded if new participants are included in the Round 5 of the Stock Option Program.

After the issuance of the Options, the total number of options outstanding in the Company is 3,249,340.  

Phantom Unit Program Round 3

Reference is made to the stock exchange notice dated 6 June 2016 and 23 March 2018 where the Company announced the award of phantom units (the "Phantom Units") in Höegh LNG Partners LP under the first round of the Phantom Unit Program. A phantom unit is a notional unit that, upon vesting, entitles the participant to receive, at the time of settlement, a common unit in HMLP or an amount of cash equal to the fair market value of a common unit, as determined by the Board in its sole discretion.

Reference is also made to the Form S-8 "Securities Registration: Employee Benefit Plan" ("Form S-8") filed by Höegh LNG Partners LP ("HMLP") on 3 June 2016 with the U.S. Securities and Exchange Commission.

The Board has approved the total award of 37,371 Phantom Units in HMLP in a third round of the Phantom Unit Program ("Round 3").

The Phantom Units will vest with one third on 30 November 2021, 2022 and 2023, respectively. The Phantom Units are non-tradable and conditional upon the participant being employed by the Company or its subsidiaries at the vesting date. Additional Phantom Units may be awarded if new participants are included in the Phantom Unit Program.

Disclosure of number of Stock Options and Phantom Units and total ownership interests in the Company and HMLP following above awards

The following primary insiders of the Company were awarded Stock Options and Phantom Units as set out above (the total ownership interests subject to disclosure requirements held by the primary insiders following the above awards are included in parenthesis):

  • Sveinung J. S. Støhle, President & CEO: 159,375 Stock Options and 9,639 Phantom Units (199,392 shares and 494,625 Stock Options in the Company and 15,915 common units and 20,013 Phantom Units in HMLP)
  • Håvard Furu, Chief Financial Officer: 63,750 Stock Options and 4,456 Phantom Units (114,690 Stock Options in the Company and 7,092 Phantom Units in HMLP)
  • Richard Tyrrell, Chief Development Officer: 85,000 Stock Options and 3,000 Phantom Units (21,715 shares and 109,400 Stock Options in the Company and 12,722 Phantom Units in HMLP)
  • Vegard Hellekleiv, Chief Operating Officer: 85,000 Stock Options and 3,000 Phantom Units (35,582 shares and 263,800 Stock Options in the Company and 5,667 Phantom Units in HMLP)
  • Øivin Iversen, Chief Technical Officer: 85,000 Stock Options and 3,000 Phantom Units (6,464 shares and 263,800 Stock Options in the Company and 5,667 Phantom Units in HMLP)
  • Tom Solberg, Chief of Staff: 85,000 Stock Options and 3,000 Phantom Units (263,800 Stock Options in the Company and 5,667 Phantom Units in HMLP)
  • Camilla Nyhus-Møller, Chief Legal & Compliance Officer: 63,750 Stock Options and 4,456 Phantom Units (3,665 shares and 100,350 Stock Options in the Company and 5,294 Phantom Units in HMLP)
  • Ragnar Wisløff, Head of Change & Transformation: 85,000 Stock Options and 3,000 Phantom Units (23,934 shares and 263,800 Stock Options in the Company and 5,667 Phantom Units in HMLP, including shares owned through his wholly owned company Fri Agenda AS)
  • Steffen Føreid, CEO/CFO of HMLP: 10,625 Stock Options (30,189 shares and 144,725 Stock Options in the Company and 15,022 common units and 11,961 Phantom Units in HMLP)
     

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Contacts: 

Sveinung J. S. Støhle, President and Chief Executive Officer, Telephone +47 975 57 402 
Håvard Furu, Chief Financial Officer, Telephone +47 991 23 443
Knut Johan Arnholdt, VP IR and Strategy, Telephone +47 922 59 131

About Höegh LNG: 

Höegh LNG operates world-wide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs), and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG's vision is to be the industry leader of floating LNG solutions. Its strategy is to develop the business through an extended service offering, with large-scale FSRUs as the main product, and focus on establishing long-term contracts with attractive risk-adjusted returns involving credible counterparts. The company is publicly listed on the Oslo stock exchange under the ticker HLNG, and owns approximately 46% of Höegh LNG Partners LP (NYSE:HMLP). Höegh LNG is a Bermuda based company with established presence in Norway, Singapore, the UK, USA, China, Indonesia, Lithuania, and Colombia. The group employs approximately 155 office staff and 545 seafarers.

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