TGS Vesting Under the 2021 Long-term Incentive Plan
Oslo, Norway (10 September 2024) – Reference is made to the stock exchange announcement on 12 August 2024 published by TGS regarding vesting of Performance Stock Units (PSUs) and Restricted Stock Units (RSUs).
As a consequence of the vesting as announced on 12 August 2024, TGS has now issued 127,527 shares.
The vesting of PSUs and RSUs granted by TGS in 2021 in accordance with the terms of the 2021 Long Term Incentive Plan resulted in the right for a total of 71 participants to request the issuance of an aggregate of up to 159,460 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 127,527 new shares of TGS common stock have been issued to the 71 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 – 10,508 shares
---- William Ashby – 3,071 shares
---- Tana Pool – 4,220 shares
---- Sven Larsen – 2,929 shares
---- David Hajovsky – 4,220 shares
---- Whitney Eaton – 4,220 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, as well as the PDMR appendix.
Following the capital increase TGS has a share capital of NOK 49 100 205,00.
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 TGS.com or contact:
Bård Stenberg
VP IR & Communication
[email protected]
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