GOGL – Grant of stock options

Rhea-AI Summary

Golden Ocean Group Limited announced the grant of 275,000 share options to newly appointed CFO, Mr. Peder Simonsen. The options have a five-year term expiring on September 4, 2025, and will vest over three years. Specifically, 75,000 options will vest on September 4, 2021, with an exercise price of NOK 32; 75,000 will vest on September 4, 2022, at NOK 48; and 125,000 will vest on September 4, 2023, at NOK 64. The exercise price is subject to adjustment for any dividends prior to the exercise of the options.

Positive

• Granting of 275,000 share options to CFO may align interests with shareholders.
• Vesting schedule encourages long-term commitment from the new CFO.

Negative

• None.

Golden Ocean Group Limited (“Golden Ocean” or the “Company”) hereby announces that 275,000 share options have today been granted to Mr Peder Simonsen in connection with his appointment as CFO of Golden Ocean Management AS. The share options will have a five-year term expiring September 4, 2025, and will vest equally one third over a three-year vesting period.

• 75,000 of the share options will vest on September 4, 2021, with an exercise price of NOK 32.- each
   
• 75,000 of the share options will vest on September 4, 2022, with an exercise price of NOK 48.- each
   
• 125,000 of the share options will vest on September 4, 2023, with an exercise price of NOK 64.- each

The exercise price will be adjusted for any distribution of dividends made before the relevant options are exercised.

September 14, 2020

The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermud

For further queries, please contact:
Ulrik Uhrenfeldt Andersen: CEO, Golden Ocean Management AS
+47 22 01 73 53

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act or the continuing obligations of Oslo Børs.

 

 

FAQ

What is the significance of the share options granted to Mr. Peder Simonsen at Golden Ocean Group?

The share options align Mr. Simonsen's interests with those of shareholders and promote long-term value creation.

When will the share options for Golden Ocean Group vest?

The share options will vest in three tranches: 75,000 on September 4, 2021; 75,000 on September 4, 2022; and 125,000 on September 4, 2023.

What are the exercise prices for the share options granted to the CFO of Golden Ocean Group?

The exercise prices are NOK 32 for 75,000 options, NOK 48 for another 75,000 options, and NOK 64 for 125,000 options.

How long is the term for the share options granted to Mr. Peder Simonsen?

The share options have a term of five years, expiring on September 4, 2025.

Will the exercise price of the share options change?

Yes, the exercise price will be adjusted for any dividends distributed before the options are exercised.