Songa Offshore SE Announce New incentive programs established for employees
The Board of Directors of Songa Offshore SE (the “Company” and together with its subsidiaries the “Songa Offshore Group”) has established a new Long-Term Incentive Program for management and certain key personnel of the Songa Offshore Group and an Employee Discounted Share Purchase Plan for all employees. The new Long-Term Incentive Program will replace the Company’s existing Synthetic Share Options Program established in 2009, and there will be no new awards under the Synthetic Share Options Program.
The new Employee Discounted Share Purchase Plan gives all employees of the Songa Offshore Group an opportunity to save a part of their salary. Following a certain period of such savings, the relevant company in the Songa Offshore Group, with which the employee is employed, will provide an additional contribution based on the amount saved by the respective employee. The saving made by the employee and the additional contribution will be used to purchase Songa Offshore SE shares in the employee’s name.
The Board of Directors has also decided to award 8,108,241 restricted stock units, corresponding to approximately 0.9% of the Company’s outstanding shares, to management and a broad number of key personnel in the Songa Offshore Group. The holders will get a right, upon vesting, to receive the awarded number of shares. The first half of the awarded shares is vested on 1 July 2015 and the second half is vested on 1 January 2016.
The following primary insiders have been awarded restricted stock units under the new Long-Term Incentive Program:
Bjørnar Iversen, CEO: 1,108,209 restricted stock units.
Mr. Iversen now holds 1,415,000 shares in the Company and 1,000,000 synthetic options in addition to the new award.
Jan Rune Steinsland, CFO: 811,343 restricted stock units.
Mr. Steinsland now holds 580,000 shares in the Company and 500,000 synthetic share options in addition to the new award.
Mark Bessell, COO: 811,343 restricted stock units.
For the above members of the management, the new Long-Term Incentive Plan has set certain percentages of their annual base salary as minimum-holding requirements, which shall be retained at all times during their employments.
Source: Songa Offshore