TGS Vesting Under the 2021 Long-term Incentive Plan
Oslo, Norway (12 August 2024) – In accordance with the measures approved by the shareholders of TGS at the Annual General Meeting on 11 May 2021, the Board of Directors of TGS Geophysical Company ASA authorized TGS to grant Performance Stock Units (PSUs) and Restricted Stock Units (RSUs) under the 2021 Long Term Incentive Plan to key employees of TGS on 10 August 2021. Each RSU represented the right to receive one share, while each PSU represented the right to receive a maximum of one share depending on performance against target metrics during the measurement period of 1 January 2021 to 31 December 2023. The granted PSUs and RSUs were secured by free-standing warrants.
In accordance with the terms of the 2021 Long Term Incentive Plan, the PSUs and RSUs vested on 10 August 2024, resulting in a total of 71 PSU/RSU holders having the right to request the issuance of a total of 159,460 TGS shares at par value NOK 0.25. The TGS Board of Directors determined that the final payout on the PSUs is 20.0% based on achievement of performance metrics set forth in the plan, resulting in a total of 58,060 shares issuable to seventeen holders of the vested PSUs. In addition, 101,400 shares are issuable to fifty-four employees for the vesting of the RSUs.
PSU/RSU holders have the option of allowing a portion of their vested shares to be cash settled by TGS, using the fair market value of the shares as defined under the plan, to cover tax withholding obligations and other necessary deductions that arise in connection with the vest.
The following primary insiders have the right to request the issuance of the following number of TGS shares related to the vesting of the PSUs/RSUs, a portion of which may be cash-settled as described above:
---- Kristian Johansen – 12,100 shares
---- William Ashby – 4,860 shares
---- Tana Pool – 4,860 shares
---- Sven Larsen – 4,860 shares
---- David Hajovsky – 4,860 shares
---- Whitney Eaton – 4,860 shares
About TGS
TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com.
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 www.tgs.com or contact:
Bård Stenberg
VP IR & Communication
[email protected]
