REACH - STOCK OPTION SCHEME- MANADATORY NOTIFICATION OF TRADE
As previously announced, the Board of directors of Reach Subsea ASA has approved a stock option scheme to further align the interests of the participating employees in Reach Subsea with those of the shareholders. The stock option scheme has now been finalised with a signed agreement between the company and Management and certain key employees.
Management and certain key employees of the Reach Subsea-group have been granted the right to acquire up to a certain maximum number of shares in the Company at a fixed strike price ("the Option"). The strike price is divided into two levels, equal to the subscription price in the two last private placements conducted by the Company (May 2016 NOK 2.00 and January 2017 1.75). The options can be exercised over a period of three years.
The options are non-tradable and conditional upon the participant being employed by the Reach Subsea-group at the vesting date. The stock option plan is expected to constitute a maximum of 3.886.875 options equivalent to a similar number of Reach Subsea ASA shares.
The following primary insiders of the Company have been granted options under the stock option scheme. The total number of shares and options held by the primary insiders and their respective close associates following the option grant is included in brackets.
Jostein Alendal, CEO, 225.000 options with a strike price of NOK 2,00 and 225.000 options with a strike price of NOK 1,75 (5.579.539 shares, 450.000 options).
Birgitte Wendelbo Johansen, CFO, 180.000 options with a strike price of NOK 2,00 and 180.000 options with a strike price of NOK 1,75 (139.150 shares, 360.000 options).
Inge Grutle, COO, 180.000 options with a strike price of NOK 2,00 and 180.000 options with a strike price of NOK 1,75 (909.179 shares, 360.000 options).
Bård Thuen Høgheim, CCO, 180.000 options with a strike price of NOK 2,00 and 180.000 options with a strike price of NOK 1,75 (270.625 shares, 360.000 options).
Åge Nilsen jr, Finance Manager, 25.000 options with a strike price of NOK 2,00 and 25.000 options with a strike price of NOK 1,75 (1.938.725 shares, 50.000 options).
For further information, please contact:
Birgitte Wendelbo Johansen, Chief Financial Officer