PGS ASA Implementation of 2020 Employee Long-term Incentive Plan
August 24, 2020: Oslo, Norway, PGS (or the "Company") announces that the 2020 long term incentive plan, as approved by the Annual General Meeting on April 22, 2020, has now been implemented by
allocating 2 389 050 Performance based Restricted Stock Units ("PRSUs").
The awards are based on amongst other considerations the position in the Company and a review on the individual participant's performance prior to award. Any PRSU awarded will, subject to the participant's continued employment with the Company (or a subsidiary), be settled three years after grant. The complete terms and conditions of the award are described in the calling notice for the 2020 Annual General Meeting.
Delivery of shares will take place from the Company's pool of treasury shares or, if an insufficient number of treasury shares exist, it will be settled by cash payment of an equivalent value.
The purpose of the long term incentive plan is to further the interests of PGS, its subsidiaries and its shareholders to employees who can contribute materially to the success and profitability of PGS. Such awards will recognize and reward performance and individual contributions and give participants in the plan an interest in the Company parallel to that of the shareholders, thus enhancing the proprietary and personal interest in PGS' continued success and progress.
The Board of Directors has allocated PRSUs according to the plan to the following primary insiders in PGS:
Rune Olav Pedersen, President & CEO, has been awarded 168 000 PRSUs in the Company. Following the award, Pedersen holds 123 617 shares in PGS and 462 000 PRSUs.
Gottfred Langseth, Executive Vice President & CFO, has been awarded 75 000 PRSUs in the Company. Following the award, Langseth holds 275 106 shares in PGS and 210 000 PRSUs.
Robert J. Adams, Executive Vice President Operations, has been awarded 75 000 PRSUs in the Company. Following the award, Adams holds 8 850 shares in PGS and 135 000 PRSUs.
Nathan Oliver, Executive Vice President Sales & Services, has been awarded 75 000 PRSUs in the Company. Following the award, Oliver holds 0 shares in PGS and 180 000 PRSUs.
Berit Osnes, Executive Vice President Sales & Services Eurasia, has been awarded 50 000 PRSUs in the Company. Following the award, Osnes holds 36 186 shares in PGS, 149 000 PRSUs.
Lars Ragnar Mysen, General Counsel, has been awarded 26 000 PRSUs in the Company. Following the award, Mysen holds 36 000 shares in PGS and 72 000 PRSUs.
Kai Reith, Senior Vice President Corporate Development, has been awarded 26 000 PRSUs in the Company. Following the award, Reith holds 44 341 shares in PGS and 72 000 PRSUs.