The Board of Directors of BW Energy Limited has approved the award of share options under a Long-Term Incentive Program (LTIP) adopted on 19th May 2021, to align the interests of the participating employees with those of the Company's shareholders. This is the first annual award under the LTIP. The LTIP is discretionary and participants are invited on an annual basis.
The total number of shares awarded under the LTIP for 2021 are 1,547,966, where 1,289,972 are allocated to options that will give the holder the right to acquire one BW Energy shares and 257,994 are allocated to Restricted Share Units (“RSUs”) providing the holder shares at each vesting event. A total of 16 BW Energy employees have been invited to participate in the program.
The strike price of the options is calculated based on the volume weighted average share price five trading days prior to grant date, plus a premium of 15.76% (corresponding to a 5% increase annually over 3 years). The strike price for the options awarded on 7 July 2021 is NOK 30,73.
The options will have a vesting period of three years, followed by a three years exercise period. Exercise windows will be set by the Company. The options will expire 6 years after the award date.
The RSUs are settled in shares immediately following vesting schedule. At time of vesting the shares will be settled at the Fair Market Value. The RSUs will vest 1/3 annually over three years.
The options and RSUs are non-tradable and conditional upon the option holder being employed by the Company and not having resigned or being terminated for cause prior to the vesting date.
The following primary insiders of the Company have been awarded options and RSUs under the LTIP for 2021:
1. Chief Executive Officer, Carl K. Arnet
Options awarded: 400,000
Restricted Stock Units: 129,500
Total number of shares: 529,500
Shares held: 2,649,582
2. Chief Financial Officer, Knut R. Saethre
Options awarded: 133,000
Restricted Stock Units: 42,831
Total number of shares: 175,831
Shares held: 125,991
3. Chief Commercial Officer, Thomas Kolanski
Options awarded: 133,000
Restricted Stock Units: 42,831
Total number of shares: 175,831
Shares held: 673
4. Chief Strategy Officer, Thomas M. Young
Options awarded: 133,000
Restricted Stock Units: 42,831
Total number of shares: 175,831
Shares held: 18,885
