TGS Vesting Under the 2021 Long-term Incentive Plan
12 August 2024 - 7:00AM
UK Regulatory
TGS Vesting Under the 2021 Long-term Incentive Plan
Oslo, Norway (12 August 2024) – In accordance
with the measures approved by the shareholders of TGS at the Annual
General Meeting on 11 May 2021, the Board of Directors of TGS
Geophysical Company ASA authorized TGS to grant Performance Stock
Units (PSUs) and Restricted Stock Units (RSUs) under the 2021 Long
Term Incentive Plan to key employees of TGS on 10 August
2021. Each RSU represented the right to receive one share,
while each PSU represented the right to receive a maximum of one
share depending on performance against target metrics during the
measurement period of 1 January 2021 to 31 December 2023. The
granted PSUs and RSUs were secured by free-standing warrants.
In accordance with the terms of the 2021 Long Term Incentive
Plan, the PSUs and RSUs vested on 10 August 2024, resulting in a
total of 71 PSU/RSU holders having the right to request the
issuance of a total of 159,460 TGS shares at par value NOK 0.25.
The TGS Board of Directors determined that the final payout on the
PSUs is 20.0% based on achievement of performance metrics set forth
in the plan, resulting in a total of 58,060 shares issuable to
seventeen holders of the vested PSUs. In addition, 101,400
shares are issuable to fifty-four employees for the vesting of the
RSUs.
PSU/RSU holders have the option of allowing a portion of their
vested shares to be cash settled by TGS, using the fair market
value of the shares as defined under the plan, to cover tax
withholding obligations and other necessary deductions that arise
in connection with the vest.
The following primary insiders have the right to request the
issuance of the following number of TGS shares related to the
vesting of the PSUs/RSUs, a portion of which may be cash-settled as
described above:
---- Kristian Johansen – 12,100 shares
---- William Ashby – 4,860 shares
---- Tana Pool – 4,860 shares
---- Sven Larsen – 4,860 shares
---- David Hajovsky – 4,860 shares
---- Whitney Eaton – 4,860 shares
About TGS
TGS provides advanced data and intelligence to companies active in
the energy sector. With leading-edge technology and solutions
spanning the entire energy value chain, TGS offers a comprehensive
range of insights to help clients make better decisions. Our broad
range of products and advanced data technologies, coupled with a
global, extensive and diverse energy data library, make TGS a
trusted partner in supporting the exploration and production of
energy resources worldwide. For further information, please visit
www.tgs.com.
Forward Looking Statement
All statements in this press release other than statements of
historical fact are forward-looking statements, which are subject
to a number of risks, uncertainties and assumptions that are
difficult to predict and are based upon assumptions as to future
events that may not prove accurate. These factors include volatile
market conditions, investment opportunities in new and existing
markets, demand for licensing of data within the energy industry,
operational challenges, and reliance on a cyclical industry and
principal customers. Actual results may differ materially from
those expected or projected in the forward-looking statements. TGS
undertakes no responsibility or obligation to update or alter
forward-looking statements for any reason.
For more information, visit www.tgs.com or contact:
Bård Stenberg
VP IR & Communication
investor@tgs.com
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