TGS Vesting Under the 2020 Long-term Incentive Plan
OSLO, Norway (7 September 2023) – Reference is made to the stock exchange announcement on 10 August 2023 published by TGS regarding vesting of Performance Stock Units (PSUs) and Restricted Stock Units (RSUs).
As a consequence of the vesting, as announced on 10 August 2023, TGS has now issued 103,020 shares.
The vesting of PSUs and RSUs granted by TGS in 2020 in accordance with the terms of the 2020 Long Term Incentive Plan resulted in the right for a total of 79 participants to request the issuance of an aggregate of up to 131,977 shares of TGS common stock pursuant to free-standing warrants subscribed by the participant at the time of grant. Participants had the right to request TGS to settle a portion of the vested units in cash to allow satisfaction of employees’ tax withholding obligations arising as a result of the vest.
Following the vest of PSUs and RSUs, an aggregate of 103,020 new shares of TGS common stock have been issued to the 79 employees, which amount is net of any units that were settled in cash. The following reflects the shares issued to the primary insiders:
---- Kristian Johansen – 11,002 shares
---- Jan Schoolmeesters – 3,049 shares
---- William Ashby – 3,393 shares
---- Tana Pool – 4,419 shares
---- Sven Larsen – 1,255 shares
---- Josef Heim – 1,665 shares
---- David Hajovsky – 1,054 shares
---- Whitney Eaton – 1,054 shares
---- Linda Santiago – 884 shares
---- Duncan Bate – 2,967 shares
---- Amund Soia – 727 shares
Attached is the list of primary insiders, reflecting the balance of TGS shares and free-standing warrants held after the issuance of shares described above.
Following the capital increase, TGS has a share capital of NOK 31.257.614, 50.
About TGS
TGS 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 Statement
All 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 Larsen
Chief Financial Officer
[email protected]
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