HAMILTON, BERMUDA (January 4, 2011)
The Board of Seawell Limited has allocated 7,500,000 of the Company's authorized but unissued shares to a share incentive program pursuant to which the Board may grant options to subscribe for new shares to the senior managers in the Seawell Group. The first 3,770,000 share options under the program were granted on January 3, 2011 and have a strike price of the January 3 closing price at NOK 36.00 per share. The purpose of the share ownership plan is to promote long-term employment and the term of the options are therefore 5 years. The options will vest 1/5 on January 1 each year during the option period. First vesting is January 1, 2012 and the last on January 1, 2016, provided, however, that those options vesting in the 5th year will expire on December 31, 2016. 1,895,000 of these options are granted to primary insiders.
The following Primary Insiders have received share options:
Jorgen P. Rasmussen 800,000
Thorleif Egeli 500,000
Lars Bethuelsen 195,000
Max Bouthillette 300,000
Gunnar Lemvik 100,000
New total holdings for the same Primary Insiders are:
Shares Share Options
Jorgen P. Rasmussen 223,000 1,725,000
Thorleif Egeli 31,500 1,000,000
Lars Bethuelsen 30,000 730,000
Max Bouthillette 450,000
Gunnar Lemvik 350,000
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
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Source: Seawell via Thomson Reuters ONE
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