Polarcus Issues Share Options to CEO
Oslo listed Polarcus Limited has awarded 1,300,000 share options to the company's recently appointed Chief Executive Officer, Duncan Eley, in accordance with the company's 2016 share option plan of which the main terms were approved in the Annual General Meeting on May 12, 2016.
Following the award, Eley holds 2,658,500 Options under the 2016 share option plan and 50,000 shares.
The awarded share options have an exercise price of NOK 0.24, being the volume weighted average price for which the Polarcus shares have been traded at Oslo Stock Exchange in the prior 30-day trading period.
The options are exercisable in three equal tranches (two years, three years and four years after grant), and expire seven years after grant.
The exercise of the options is conditional upon the 30 days' volume weighted average price of the share exceeding the exercise price by at least 30 percent at one time during the exercise period.