Oslo, 14 June 2024 - Panoro Energy ASA (the "Company" or "Panoro" with OSE
ticker: "PEN") announces the awards and exercise of Restricted Share Units
("RSUs") and notification of primary insider trades.
Awards of RSUs
For the year 2024, the Board of Directors have granted 640,032 RSUs to the key
employees of the Company under the Long-Term Incentive Plan ("LTIP") approved by
the shareholders at the 2024 Annual General Meeting. The awards are based on
specific performance criteria as previously approved by the Board of Directors.
One RSU will entitle the holder to receive one share in the Company against
payment in cash of the par value for the share. The par value is currently NOK
0.05 per share. Vesting of these RSUs is time based, over a period approved by
the Board of Directors. Unless the Board decides otherwise for certain
employees, the vesting period of the RSUs is up to 14 June 2027, where 1/3 of
the RSUs vest on 14 June 2025 (the "First Tranche"), 1/3 vest after 1 year of
the vesting of the First Tranche, and the final 1/3 vest after 2 years from
vesting of the First Tranche. RSUs are exercised automatically at the respective
vesting dates and the holder will be issued the applicable number of shares as
soon as possible thereafter.
Of the 640,032 RSUs, the primary insiders have been granted the following:
· John Hamilton, the Chief Executive Officer of the Company has been granted
189,615 RSUs