Oslo, 13 March 2022: The CEO of Belships ASA ("the Company"), Lars Christian
Skarsgård, has today exercised all his 5,000,000 options in the Company against
cash settlement by the Company. The share options were granted to Skarsgård when
he was appointed as the new CEO of the Company in 2019. The amount payable per
share is equal to NOK 18,64 (equal to the VWAP of the share the last 10 business
days prior to settlement) less the strike price of NOK 4.10.
Furthermore, the board of directors of the Company has decided to grant
Skarsgård 5,000,000 new options to subscribe for up to 5,000,000 shares in the
Company with an exercise price of NOK 18.64 per share. The options can be
exercised in the period between 36 months and 60 months from the date of grant.
The company may honour exercised options by delivery of new shares in a share
issue, by the sale of existing shares, or by way cash settlement (i.e. payment
of the difference between the market price of the shares less the exercise
price). Options that have not been exercised will lapse if Skarsgård terminates
his position as CEO or if he is terminated from his position with cause. If
Skarsgård is terminated from his position without cause during the first
12 months, 2/3 of the options will lapse and if he is terminated from his
position without cause during the first 24 months, 1/3 of the options will
lapse. If Skarsgård is terminated without cause during the exercise period, the
options will lapse unless they are exercised within three months.
Further details regarding the option exercise and the option grant are included
in the attached PDMR forms.
This information is subject to the disclosure requirements pursuant to the
Market Abuse Regulation article 19.