FRO - Grant of share options to members of the Board of Directors and management
July 06 2016 - 2:15AM
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.
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Frontline Ltd. via Globenewswire
HUG#2026207
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