Badger Explorer ASA Establishes a New Option Program for Employees
On 17th February 2014 the Board of Directors of Badger Explorer ASA has agreed to replace the previous share option program and implement a new option program for employees offering a total of 213,000 share options, corresponding to 1.15% of all outstanding BXPL shares.
The following primary insiders have been offered options:
Thor Arne Håland: 24,000 share options
Øystein Larsen: 24,000 share options
Samanta Cerniavskaja: 18,000 share options
The options granted will be vested in tranches and can be exercised at the earliest 12 months subsequent to the date of grant and thereafter at up to 2 occasions during each calendar year, between three and 10 days after publications of the Company's Q1 and Q3 quarterly results. Upon exercise of options, the option holder shall pay the Company a price of 7.51 NOK per option share.
Subsequent to the exercise of options, ordinary shares in the Company will be issued to the option holders through an increase of the share capital pursuant to the authority granted by the Company's Annual General Meeting, held on 17th April 2013.
Stavanger, 20th February 2014
For further information, please contact:
Steinar Bakke, CEO, cell phone +47 930 70 466, office +47 52 97 45 50
Gunnar Dolven, CFO, cell phone +47 908 53 168, office +47 52 97 45 40
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