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TGS Mandatory Notice of Trade
ASKER, NORWAY (2 September 2015) - The Board of Directors of TGS-NOPEC Geophysical Company ASA has authorized the award of PSUs (Performance Stock Units) and RSUs (Restricted Stock Units) to be granted to 91 key employees of the Company.
The list of primary insiders receiving PSUs and RSUs is attached.
In accordance with the measures approved by the Shareholders of TGS at the Annual General Meeting on 6 May 2015, the PSUs and the RSUs are secured by free-standing warrants.
Each PSU represents the right to receive the maximum of one share, while each RSU represents the right to receive one share.
The PSUs have been granted to members of the executive team and will vest on the third anniversary of the date of grant provided the executive remains employed with TGS on the vesting date. Upon vesting, the PSUs will be converted to TGS shares, depending on performance versus target metrics. The number of shares will be determined by multiplying the number of PSUs granted by a factor of 0% to 100%. The factor is determined by performance against three target metrics: (i) market share of multi-client revenues within a peer group, (ii) return on average capital employed, and (iii) HSE. Each of the performance metrics is measured for the period 1January 2015 through 31 December 2017.
The RSUs have been granted to certain non-executive key employees and will also vest on the third anniversary of the date of grant provided the employee remains employed at vesting. Upon vesting, the holder of the RSUs will receive an equivalent number of TGS shares.
For additional information about this press release please contact:
COO/Interim CFO
Cell: +47 47 60 33 34
Email: kristian.johansen@tgs.com
Director Finance Western Hemisphere & Investor Relations
Tel: +1 713 860 2184 begin_of_the_skype_highlighting end_of_the_skype_highlighting
Email : will.ashby@tgs.com
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http://hugin.info/86869/R/1949142/708221.pdf
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