The Board of Directors of BW Offshore Limited (“BWO” or the “Company”) has approved the award of share options under the Long-Term Incentive Programme (LTIP) adopted in 2019, to align the interests of the participating employees with those of the Company’s shareholders. This is the third annual award under the LTIP. The LTIP is discretionary, and participants are invited on an annual basis.
The total number of options awarded under the LTIP for 2021 is 1,849,600 where each option will give the holder the right to acquire one BW Offshore share. A total of 60 BW Offshore employees have been invited to participate in the programme.
The strike price of the options is calculated based on the volume weighted average share price five trading days prior to grant date, plus a premium of 15.76% (corresponding to a 5% increase annually over 3 years). The strike price for the options awarded on 26 February 2021 is NOK 42.38.
The options will have a vesting period of three years, followed by a three years exercise period. Exercise windows will be set by the Company. The options will expire 6 years after the award date.
The options are non-tradable and conditional upon the option holder being employed by the Company and not having resigned or being terminated for cause prior to the vesting date.
The following primary insiders of the Company have been awarded options under the LTIP for 2021