Belships ASA : New CEO in Belships ASA appointed

Oslo, 27 February 2019
Reference is made to the stock exchange notice from 13 December 2018, regarding Ulrich Müller’s resignation as CEO. The board of directors of Belships ASA (the “Company”) have today appointed Lars Christian Skarsgård (38) as new CEO in Belships ASA. Skarsgård is currently a director at Fearnleys AS and will assume his position as CEO on 15 March 2019. 

In connection with his appointment as new CEO, Skarsgård has been granted options to subscribe for up to five million shares in the Company with an exercise price of NOK 6 per share. The options can be exercised in the period between 36 months and 60 months from the date of commencement of his position as CEO.

The company may honour exercised options by delivery of new shares in a share issue, by sale of existing shares, or by way cash settlement (i.e. payment of the difference between the market price of the shares less the exercise price). Options that have not been exercised will lapse if Skarsgård terminates his position as CEO or if he is terminated from his position with cause. If Skarsgård is terminated from his position without cause during the first 12 months, 2/3 of the options will lapse and if he is terminated from his position without cause during the first 24 months, 1/3 of the options will lapse. If Skarsgård is terminated without cause during the exercise period, the options will lapse unless they are exercised within three months.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.