Team Tankers International Ltd. (the "Company") has today reappointed Mr. Hans Feringa as the President and CEO of the Company for a four-year period ending on August 31, 2022.  As part of his long-term incentive program, Mr. Feringa has today been granted (1) an award of options to purchase 4,500,000 shares in the Company ("Options") and (2) 2,000,000 restricted shares ("Restricted Shares").

The Options have the following exercise prices and vesting schedules:

  • 1,500,000 options with exercise price of NOK 10 shall vest on 1 September 2019
  • 1,500,000 options with exercise price of NOK 12 shall vest on 1 September 2020
  • 1,500,000 options with exercise price of NOK 14 shall vest on 1 September 2021

Vested options expire two years after Mr. Feringa's employment with the Company ends.

The Restricted Shares will be delivered to Mr. Feringa as soon as practicable following the vesting dates outlined below provided the share price of the Company equals or exceeds the below target levels for 90 consecutive days.  If the share price does not reach the target in the year of vesting, vesting can still be achieved if the price reaches or exceeds the target level in subsequent years.

  • September 1, 2020, 416,667 shares with 9 NOK target
  • September 1, 2021, 666,667 shares with 10 NOK target
  • September 1, 2022, 416,666 shares with 11 NOK target
  • September 1, 2022, 500,000 shares with 14 NOK target

Mr. Feringa will not pay any cash consideration for the Restricted Shares and vesting is subject to his continued employment with the Company. 

After this transaction, Mr. Feringa holds (1) 1,036,651 shares in the Company, (2) the right to acquire 2,942,210 restricted shares in the Company, and (3) options to acquire 4,500,000 shares in the Company. The Company has issued 209,578,173 shares in total, of which the Company owns 4,327,369 treasury shares.

The Board of Directors
Team Tankers International Ltd.
Hamilton, Bermuda

Questions should be directed to:

Kevin Kilcullen, CFO
T: +1 203 341 3600

This information is subject to the disclosure requirements pursuant to sections 5-12 and 4-2 of the Norwegian Securities Trading Act

 


This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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: Team Tankers International Ltd. via Globenewswire