TGS Awards Performance Share Units and Restricted Share Units
November 27 2024 - 11:00AM
UK Regulatory
TGS Awards Performance Share Units and Restricted Share Units
Oslo, Norway (27 November 2024) – TGS has
issued awards of Performance Share Units (PSUs) and Restricted
Share Units (RSUs) to 408 key employees of the Company, as
authorized by the shareholders of the company at its Extraordinary
General Meeting on 25 July 2024. With the exception of
certain RSUs, which are secured by the Company’s treasury stock,
the PSUs and RSUs are secured by free-standing warrants that, upon
vesting of the PSUs and RSUs in accordance with their terms, are
convertible to shares of the Company’s common stock. Each PSU
represents the right to receive the maximum of one share, while
each RSU represents the right to receive one share.
The PSUs are granted to members of the executive and senior
leadership teams and will vest 27 November 2027, provided the
employee remains employed with TGS on the vesting date. Upon
vesting, the PSUs will be converted to TGS shares on the terms
approved by the Extraordinary General Meeting, 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) Absolute Total Shareholder Return
(TSR), (ii) Relative TSR, and (iii) HSE and Sustainability
goals. TSR performance is measured by the three-year period
commencing on the Date of Grant and ending on the Vesting
Date. HSE and Sustainability performance is measured for the
period 1 January 2024 through 31 December 2026.
The RSUs are granted to senior leadership teams and other
certain key employees and will also vest on 27 November 2027,
provided the employee remains employed at vesting and has achieved
a satisfactory performance rating against their goals over the
three-year plan period. Upon vesting, the holder of the RSUs
will receive an equivalent number of TGS shares.
The list of PDMRs receiving PSUs and RSUs is attached. The
maximum number of new shares to be issued under the awarded PSUs
and RSUs is 1,900,000.
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
investor@tgs.com
- Awards to Persons Discharging Managerial Responsibilities PDMR
27112024
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