Songa Offshore SE : Mandatory notification of trade
Reference is made to the 13 May 2013 announcement of Mr. Bjørnar Iversen taking up the position as CEO of Songa Offshore SE as from 1 June 2013.
Mr. Iversen has today been awarded 1,000,000 stock appreciation rights (each a “Right”). Each Right gives Mr. Iversen a right to receive, upon exercise, a cash compensation equal to the quoted share price of the shares upon exercise, less the strike price. The strike price is NOK 5,71 per share, which equals the closing price for the Shares on the Oslo Stock Exchange on 3 June 2013, being the day on which Mr. Iversen took office. 1/3 of the rights will be vested over a 12 month period counted from 3 June 2013, 1/3 of the rights being vested after 24 months and 1/3 after 36 months. The rights may be exercised by Mr. Iversen at any time in the 24 month period after the relevant vesting period.
Source: Songa Offshore
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