English

Option grant to employees

Report this content

​

The Board of Directors (“BOD”) of Panoro Energy ASA (“PEN”, OSE ticker code) has approved an option program to employees and the Chairman. On August 12, 2010 the Extraordinary General Meeting (“EGM”) resolved to authorize the BOD to increase share capital up to NOK 15,563,605.03 by the issuance of up to 10,656,560 new shares as part of the Company’s incentive program. There are no other options outstanding in the Company. 

The BOD has approved grant of 7,000,000 of the total 10,656,560 options to employees and the Chairman at this time. Vesting period will be over a three year period, with 1/3 of the options exercisable each year. The strike price of the options was set at NOK 6.0, which is to be increased by 8 percent after year two and additional 8 percent annually thereafter. The strike price for the options is based on the volume-weighted average share price from listing until today, August 17, 2010. 

  • 2,333,333 options has a vesting period until Aug 17, 2011 and can be exercised until Aug 17, 2012 at NOK 6.0 or until Aug 17, 2013 at NOK 6.48
  • 2,333,333 options has a vesting period until Aug 17, 2012 and can be exercised until Aug 17, 2013 at NOK 6.48 or until Aug 17, 2014 at NOK 7.0
  • 2,333,333 options has a vesting period until Aug 17, 2013 and can be exercised until Aug 17, 2014 at NOK 7.0 or until Aug 17, 2015 at NOK 7.56

Of the 7,000,000 options, 3,125,000 options have been allocated to key employees and the Chairman of the BOD. The remaining 3,875,000 options will be distributed to other employees of the company under the same conditions. The remaining options under the authorization have not yet been allocated or distributed. 

The following primary insiders have been granted options: 

  • Kjetil Solbrække, CEO, 750,000 options. In addition, Mr. Solbrække controls 376,823 shares in the Company.
  • Anders Kapstad, CFO, 500,000 options. In addition, Mr. Kapstad controls 60,850 shares in the Company.
  • Nishant Dighe, COO, 500,000 options. In addition, Mr. Dighe controls 1,259,669 shares in the Company.
  • Alistair Stobie, EVP New Ventures, 500,000 options. In addition, Mr. Stobie controls 339,077 shares in the Company.
  • Thor Tangen, EVP Field Development, 500,000 options. In addition, Mr. Tangen controls 11,000 shares in the Company.
  • Phil Vingoe, Chairman of the Board, 375,000 options. In addition, Mr. Vingoe controls 1,339,669 shares in the Company.

For further information, please contact:
Anders Kapstad, CFO
Tel: +47 23 01 10 01
Cell: +47 918 17 442
Email: anders.kapstad@panoroenergy.com 

Jonas Gamre, Investor Relations
Tel: +47 23 01 10 02
Cell: +47 971 18 292
Email: jonas.gamre@panoroenergy.com

 

Subscribe

Documents & Links