Hamilton, Bermuda (October 29, 2019)
Archer Limited (“Archer” or the “Company”) announces that the Board of Directors has granted restricted stock units (RSUs) to members of its management team. A total number of 2,910,750 RSUs were granted. The RSUs entitle the recipient to receive one common share for each RSU awarded. The RSUs are non-transferable and 30% will vest October 1, 2020, 30% will vest October 1, 2021, 20% will vest October 1, 2022 and 20% will vest October 1, 2023 provided the employee remains employed at vesting. The total number of RSUs and options outstanding following this grant is 4,284,698 and 1,140,001 respectively.
The following primary insiders were amongst the recipients of these RSUs:
Mr. Dag Skindlo, CFO, received 250,000 RSUs. After this transaction, Mr. Skindlo holds 203,333 shares, 600 000 stock options and 336,667 RSUs in Archer Limited.
Mr. Adam Todd, General Counsel, received 100,000 RSUs. After this transaction, Mr. Todd holds 48,166 shares and 149,834 RSUs in Archer Limited.
Mr. Anders Engelsen, VP Business Development, received 65,000 RSUs. After this transaction, Mr. Engelsen holds 18,666 shares and 102,334 RSUs in Archer Limited.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.