Road Town, Tortola, 25 February 2014. FLEX LNG (Oslo Axess: FLNG) would like announce the issuance of additional staff share options.
At the 2011 ASM meeting the shareholders approved the issuance of up to 2,500,000 options in the Company with the terms to be determined by the Compensation Committee. On 7 November 2012 the Board of directors approved the issuance of 1,200,000 options to the Founders of the Company ; in addition up to 800,000 options were to be made available for issuance to staff of the Company. The Board has now approved the issuance of 225,000 options to staff, including 125,000 to James Clarke, a primary insider who will hold 230,000 options after this issuance. The vesting criteria, for the new issuance, will be reached upon achievement of a NOK 6.00 share price (50%) and NOK 8.0 (50%), including a 30 consecutive day requirement. The options have an exercise price of 0.01 USD. Details on other share and option holdings can be found in the 2012 Financial Statements and can be obtained from www.flexlng.com.