TGS Vesting Under the 2022 Long-Term Incentive Plan
April 26 2024 - 2:44PM
TGS Vesting Under the 2022 Long-Term Incentive Plan
Oslo, Norway (29 April 2024) –TGS granted the
second tranche of Performance Stock Units (PSUs) under the Magseis
2022 Long-term Incentive Plan previously adopted and authorized by
the Board of Directors of TGS ASA in 2023.
In accordance with the terms of this Plan, the second tranche of
PSUs vested on 1 April 2024, resulting in a total of 61 PSU holders
having the right to request the issuance of TGS shares at par value
NOK 0.05. The company previously determined that the final
payout on the PSUs is 58.3% based on achievement of performance
metrics set forth in the plan, resulting in a total of 36,720
shares issuable to 61 holders of the vested PSUs.
Participants had the right to request TGS to settle a portion of
their vested units in cash, using the fair market value of the
shares to cover tax withholding obligations and other necessary
deductions that arise in connection with the vest.
Following the vest of PSUs, an aggregate of 26,557 TGS shares
have been issued to the 61 employees, which amount is net of any
units that were settled in cash.
Primary insider Carel Hooijkaas, EVP Acquisition, has received
5,464 shares. After this he holds a total of 38,158 TGS shares.
The shares have been taken out of TGS’ holding of treasury
shares. After the transactions TGS holds 146,758 own shares.
About TGSTGS provides scientific data and
intelligence to companies active in the energy sector. In addition
to a global, extensive and diverse energy data library, TGS offers
specialized services such as advanced processing and analytics
alongside cloud-based data applications and solutions.
Forward Looking StatementAll statements in this
press release other than statements of historical fact are
forward-looking statements, which are subject to a number of risks,
uncertainties and assumptions that are difficult to predict and are
based upon assumptions as to future events that may not prove
accurate. These factors include volatile market conditions,
investment opportunities in new and existing markets, demand for
licensing of data within the energy industry, operational
challenges, and reliance on a cyclical industry and principal
customers. Actual results may differ materially from those expected
or projected in the forward-looking statements. TGS undertakes no
responsibility or obligation to update or alter forward-looking
statements for any reason.
For more information, visit TGS.com or contact:
Sven Børre LarsenChief Financial
Officerinvestor@tgs.com
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