Frontline Ltd. (“Frontline” or the “Company”) hereby announces that 1,280,000 synthetic options have today been granted to employees and board members. The synthetic options will have a five-year term expiring December 7, 2026, and will vest over a three-year vesting period as follows:
352,000 of the Synthetic Options will vest on December 7, 2022;
352,000 of the Synthetic Options will vest on December 7, 2023; and
576,000 of the Synthetic Options will vest on December 7, 2024
The exercise price is NOK 71.-, which shall increase by NOK 5.- on each of December 7, 2023, and December 7, 2024, and will further be adjusted for any distribution of dividends made before the relevant synthetic options are exercised.
The synthetic options will be settled in cash based on the difference between the market price of the Company's shares and the exercise price on the date of exercise.
The synthetic options have been granted according to the rules of the Company's synthetic option scheme approved by the Board of Directors of the Company on December 7, 2021. Please see the attached forms of notification of transactions by primary insiders for the Synthetic Options.
December 7, 2021
The Board of Directors
This notification has been publicly disclosed in accordance with Article 19 of the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.