Approval of Long-term Incentive Plan, Mandatory Notification of Trade
Hamilton, Bermuda, 10 September 2024 – The Board of Dirctor’s of Paratus Energy Services Ltd. (ticker “PLSV”) (“Paratus” or the “Company”) has today approved a long-term incentive plan (the "Plan"). The Plan is structured in the form of a share option program targeted at members of the executive management and selected board members. The initial strike price is set at NOK 51.7 per share which aligns with the share price of the Initial Public Offering (“IPO”) plus a performance addition of 7.5% compound annual growth in the vesting period. For any future grants under the Plan, the strike will be set at the discretion of the Board of Directors. The exercise price shall be adjusted for any distribution on the shares made before the relevant options are exercised. The options will have a five-year term and will vest in three tranches over three years with one-third each tranche.
The following primary insiders have been awarded options under the Plan:
• Robert Jensen, CEO has been awarded 420,000 options, divided into three tranches of 140,000 options per tranche at the initial strike price of NOK 51.7. The value of each Vesting tranche shall be limited to USD 200,000.
• Baton Haxhimehmedi, CFO, has been awarded 225,000 options, divided into three tranches of 75,000 options per tranche at the initial strike price of NOK 51.7. The value of each Vesting tranche shall be limited to USD 150,000.
Please find attached the mandatory notification of trade for the primary insiders.
This information is subject to the disclosure requirements in articles 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.
About Paratus
Paratus Energy Services Ltd. (ticker: PLSV) is an investment holding company of a group of leading energy services companies. The Paratus Group is primarily comprised of its ownership of Fontis and a 50/50 JV interest in Seagems (formerly Seabras). Fontis is an offshore drilling company with a fleet of five high-specification jack-up rigs working under contracts in Mexico. Seagems is a leading subsea services company, with a fleet of six multi-purpose pipe-laying support vessels under contracts in Brazil. In addition, Paratus is the largest shareholder in Archer Ltd, a global oil services company, listed on the Oslo Stock Exchange.
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