TGS Achieves Significant Milestones with Long-term Incentive Plan
TGS Achieves Significant Milestones with Long-term Incentive Plan
Oslo, Norway – Recently, TGS made headlines with the successful vesting of Performance Stock Units (PSUs) and Restricted Stock Units (RSUs) from their 2021 Long-term Incentive Plan. This initiative reflects TGS's commitment to rewarding its employees and aligning their interests with the company’s goals.
Highlights of the Recent Vesting
As a result of the vesting that occurred, TGS has issued 127,527 shares to its dedicated participants. This is a significant step as the vesting involved a total of 71 employees who were entitled to request the issuance of 159,460 shares of common stock, due to the free-standing warrants they subscribed to at the time of grant.
Details on Share Distribution
The distribution did not just stop at numbers. Each participant had the option to settle part of their vested units in cash to manage tax obligations that arose from this vesting. This flexibility highlights TGS’s understanding of its employees' needs, particularly in navigating financial responsibilities. After completing the cash settlements, 127,527 new shares were issued to the employees, showcasing the company's transparency in its share distribution process.
Share Distribution Among Key Insiders
The issuance of shares also included distribution among primary insiders, whose contributions to the company are vital. Here’s how the shares were allocated:
- Kristian Johansen – 10,508 shares
- William Ashby – 3,071 shares
- Tana Pool – 4,220 shares
- Sven Larsen – 2,929 shares
- David Hajovsky – 4,220 shares
- Whitney Eaton – 4,220 shares
This clear allocation not only strengthens the company's internal relationships but also reaffirms the value TGS places on its talented team members.
Impact on Share Capital
Following this capital increase, TGS now holds a strengthened share capital amounting to NOK 49,100,205. This bolstered capital affirms TGS’s financial health and its dedication to strategic growth in the energy sector.
About TGS
TGS plays a crucial role in the energy sector by providing advanced data and intelligence. Their innovative technology and solutions cover the entire energy value chain, giving clients the insights they need for better decision-making. With a vast and varied energy data library, TGS stands as a trusted partner for businesses exploring and producing energy resources globally. This position is strengthened by their ongoing commitment to research and development, ensuring they remain at the forefront of the industry.
Frequently Asked Questions
What is the significance of TGS's recent share issuance?
The share issuance represents the completion of the vesting of PSUs and RSUs, demonstrating TGS's commitment to rewarding employees and enhancing shareholder value.
How many shares were issued in total?
A total of 127,527 shares were issued to employees following the vesting of stock units.
Who are the primary insiders that received shares?
Notable insiders include Kristian Johansen, William Ashby, Tana Pool, Sven Larsen, David Hajovsky, and Whitney Eaton, each receiving varying amounts of shares based on their contributions.
What does the increase in capital signify for TGS?
The increase in capital, amounting to NOK 49,100,205, demonstrates TGS's robust financial health and growth prospects in the energy sector.
How does TGS support its employees during vesting?
TGS provides the option for employees to settle part of their vested units in cash to meet tax obligations, reflecting their commitment to employee welfare.
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