FRO - Grant of share options to members of the Board of Directors and management
Hamilton, Bermuda, July 6, 2016 (GLOBE NEWSWIRE) -- Frontline Ltd. ("Frontline" or the "Company") hereby announces that 1,170,000 share options have been awarded to employees and board members in accordance with the terms of the Company's Share Option Scheme. The share options will have a five-year term and will vest equally one third over a three-year vesting period. The exercise price is USD 8.00. The exercise price will be adjusted for any distribution of dividends made before the relevant options are exercised.
The following primary insiders have been allocated options according to the above and they have the following number of shares and options in the Company:
Primary insider | New share options | Total share options | Shareholding |
Robert Hvide Macleod (CEO) | 798,000 | 798,000 | 220,000 |
Inger Marie Klemp (CFO) | 120,000 | 120,000 | 180,000 |
John Fredriksen (Chairman) | 198,000 | 198,000 | 0*) |
Kate Alexandra Blankenship (director) | 21,000 | 21,000 | 2,343 |
Ola Lorentzon (director) | 21,000 | 21,000 | 3,000 |
Georgina Souza (director) | 12,000 | 12,000 | 0 |
*) Hemen Holding Limited is a Cyprus holding company, which is indirectly controlled by trusts established by Mr. Fredriksen, for the benefit of his immediate family. Mr. Fredriksen disclaims beneficial ownership of the 80,803,422 ordinary shares held by Hemen, except to the extent of his voting and dispositive interest in such shares of common stock. Mr. Fredriksen has no pecuniary interest in the shares held by Hemen.
July 5, 2016 The Board of Directors Frontline Ltd. Hamilton, Bermuda
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
HUG#2026207
CONTACT: Inger Marie Klemp (CFO), +47 23 11 40 00Source: Frontline Ltd
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Deveron Announces Closing of Private Placement of Convertible Debentures
- DiCello Levitt LLP Announces Investor Class Action Lawsuit Filed Against Perion Network Ltd. (Nasdaq: Peri) and Lead Plaintiff Deadline
- Robbins LLP Reminds IRobot Corporation Shareholders of the Pending May 7, 2024 Lead Plaintiff Deadline
Create E-mail Alert Related Categories
Press ReleasesRelated Entities
DividendSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!