Hamilton, Bermuda (October 1, 2018)
Archer Limited (“Archer” or the “Company”) announces that the Board of Directors has granted restricted stock units (RSUs) to members of its management team. On Monday October 1, 2018 a total number of 1,927,500 RSUs were granted. The RSUs entitle the recipient to receive one common share for each RSU awarded. The RSUs are non-transferable and one third of the award will vest and be delivered on each of the first three anniversaries following the date of the award provided the employee remains employed at vesting. The total number of RSUs and options outstanding following this grant is 2,112,750 and 1,505,233 respectively.
The purpose of the grant is to further the interests of Archer, its subsidiaries and its shareholders to employees who can contribute materially to the success and profitability of Archer. Such awards will recognize and reward performance and individual contributions and give awarded participants an interest in the Company parallel to that of the shareholders, thus enhancing the proprietary and personal interest in Archers continued success and progress.
The following primary insiders were amongst the recipients of these RSUs:
Mr. John Lechner, Chief Executive Officer, was granted 130,000 RSUs. After this transaction, Mr. Lechner holds 122,500 shares, 695,000 stock options and 137,500 RSUs in Archer Limited.
Mr. Dag Skindlo, Chief Financial Officer, was granted 130,000 RSUs. After this transaction, Mr. Skindlo holds 124,000 shares, 600,000 stock options and 130,000 RSUs in Archer Limited.
Mr. Adam Todd, General Counsel, was granted 56,000 RSUs. After this transaction, Mr. Todd holds 6,250 shares and 74,750 RSUs in Archer Limited.
Mr. Anders Engelsen, VP Corporate Business Development, was granted 56,000 RSUs. After this transaction, Mr. Engelsen holds 56,000 RSUs in Archer Limited.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.