Hamilton, Bermuda, 23 March 2018 - Höegh LNG Holdings Ltd. (the "Company") has in place two employee benefits plans for senior management and key employees in the Höegh LNG Group; (i) the bi-annual award of stock options in the Company (the "Stock Option Program") and (ii) the bi-annual award of phantom units in Höegh LNG Partners LP ("HMLP") (the "Phantom Unit Program").
As further set out below, the Board of Directors of the Company (the "HLNGH Board") has approved new awards under both programs and the Board of Directors of HMLP (the "HMLP Board") has approved new awards of Phantom Units to the CEO/CFO of HMLP.
Stock Option Program Round 4
Reference is made to stock exchange notices dated 2 February 2012, 4 February 2014 and 1 February 2016 where the Company announced the award of stock options in the Company under the Stock Option Program.
The HLNGH Board has approved the award of 1,351,325 stock options in the Company (the "Stock Options") at a fixed strike price in a fourth round of the Stock Option Program ("Round 4"). The strike price of the Stock Options is NOK 45.99, which is equal to the average closing price of the Company's share over the last five trading days prior to the award. The Options will vest with one third on 31 December 2019, 2020 and 2021, respectively. The Options are non-tradable and conditional upon the participant being employed by the Company or its subsidiaries at the vesting date. Additional options may be awarded if new participants are included in the Round 4 of the Stock Option Program.
After the issuance of the Options, the total number of options outstanding in the Company is 3,256,451.
Phantom Unit Program Round 2
Reference is made to the stock exchange notice dated 6 June 2016 where the Company announced the award of phantom units (the "Phantom Units") in Höegh LNG Partners LP under the first round of the Phantom Unit Program. A phantom unit is a notional unit that, upon vesting, entitles the participant to receive, at the time of settlement, a common unit in HMLP or an amount of cash equal to the fair market value of a common unit, as determined by the Board in its sole discretion.
Reference is also made to the Form S-8 "Securities Registration: Employee Benefit Plan" ("Form S-8") filed by Höegh LNG Partners LP ("HMLP") on 3 June 2016 with the U.S. Securities and Exchange Commission.
The HLNGH Board has approved the total award of 43,852 Phantom Units in HMLP in a second round of the Phantom Unit Program ("Round 2"). In addition, the HMLP Board has approved the total award of 14,584 Phantom Units to the CEO/CFO of HMLP.
The Phantom Units will vest with one third on 30 November 2019, 2020 and 2021, respectively. The Phantom Units are non-tradable and conditional upon the participant being employed by the Company or its subsidiaries at the vesting date. Additional Phantom Units may be awarded if new participants are included in the Phantom Unit Program.
Disclosure of number of Stock Options and Phantom Units and total ownership interests in the Company and HMLP following above awards
The following primary insiders of the Company were awarded Stock Options and Phantom Units as set out above (the total ownership interests subject to disclosure requirements held by the primary insiders following the above awards are included in parenthesis):
- Sveinung J. S. Støhle, President & CEO: 212,250 Stock Options and 15,560 Phantom Units (134,738 shares and 635,250 Stock Options in the Company and 15,915 common units and 29,557 Phantom Units in HMLP)
- Steffen Føreid, CFO: 84,900 Stock Options and 7,024 Phantom Units (21,805 shares and 264,100 Stock Options in the Company and 11,073 common units and 13,156 Phantom Units in HMLP)
- Ragnar Wisløff, CDO: 113,200 Stock Options and 4,000 Phantom Units (23,934 shares and 278,800 Stock Options in the Company and 6,692 common units and 6,667 Phantom Units in HMLP)
- Vegard Hellekleiv, COO: 113,200 Stock Options and 4,000 Phantom Units (23,364 shares and 278,800 Stock Options in the Company and 6,667 Phantom Units in HMLP)
- Øivin Iversen, CTO: 113,200 Stock Options and 4,000 Phantom Units (346 shares and 278,800 Stock Options in the Company and 4,000 Phantom Units in HMLP)
- Tom Solberg, COS: 113,200 Stock Options and 4,000 Phantom Units (178,800 Stock Options in the Company and 6,667 Phantom Units in HMLP)
- Richard Tyrrell, CEO/CFO of HMLP: 14,150 Stock Options and 14,584 Phantom Units (9,215 shares and 91,067 Stock Options in the Company and 8,138 common units and 28,917 Phantom Units in HMLP. In addition, Rachel Brask-Tyrrell, related party of Richard Tyrrell owns 5,000 common units in HMLP)
- Camilla Nyhus-Møller, SVP Legal & Compliance: 21,225 Stock Options and 1,256 Phantom Units (66,600 Stock Options in the Company and 4,005 Phantom Units in HMLP)
* * *
About Höegh LNG:
Höegh LNG provides floating energy solutions and operates world-wide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs), and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG's vision is to be the industry leader of floating LNG solutions and the strategy is to continue to focus its growth plans in the FSRU market, with the objective of securing long-term contracts with strong counterparties at attractive returns. Höegh LNG is a Bermuda based company with established presence in Norway, Singapore, the UK, USA, South Korea, Indonesia, Lithuania, Egypt, Colombia, China and Turkey. The company employs approximately 125 office staff and 500 seafarers.
Contacts:
Sveinung J. S. Støhle, President and Chief Executive Officer, Telephone +47 975 57 402
Steffen Føreid, Chief Financial Officer, Telephone +47 975 57 406
Erik Folkeson, Head of IR, Telephone +47 414 21 769
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act or the Continuing Obligations of Oslo Børs.