TGS Vesting Under the 2022 Long-term Incentive Plan
OSLO, Norway (10 May 2023) – In accordance with the measures approved by the Board of Directors of TGS ASA authorized TGS to grant Performance Stock Units (PSUs) under the Magseis 2022 Long-term Incentive Plan adopted by TGS.
In accordance with the terms of the 2022 Long-term Incentive Plan, the PSUs vested on 1 April 2023, resulting in a total of 66 PSU holders having the right to request the issuance of TGS shares at par value NOK 0.05. The company 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 38,528 shares issuable to 66 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 26,685 TGS shares have been issued to the 66 employees, which amount is net of any units that were settled in cash.
Primary insider Carel Hooijkaas, EVP Acquisition, has received 5,752 shares. After this he holds a total of xx number of TGS shares.
The shares have been taken out of TGS’ holding of treasury shares. After the transactions TGS holds 431,830 own shares.
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
Attachment
