HAMILTON, BERMUDA -- (Marketwire) -- 10/07/09 --
The Board of Frontline Ltd. ("Frontline" or the "Company") is pleased
to announce the appointment of Tony Curry as a Director to fill in a
vacancy on the Board. Mr. Curry retired from Shell in May 2009 having
spent 40 years in Shell Shipping. For the past 12 years he was the
Time Charter & Sale and Purchase Manager. Prior to this he spent
seven years in Shell Western Services, Nassau, Bahamas as the Oil
Freight Manager. He is very familiar with the international oil and
tanker sector, but also the growing LNG and LPG areas. Mr. Curry is
very well known and respected in the Shipping Industry worldwide.
The Company further announces that the existing Share Option Scheme
of the Company is being cancelled and share options will be granted
to the Board of Directors, senior management and other employees
pursuant to a new Share Option Scheme approved by the Company in
general meeting on September 25, 2009.
A total of 663,000 new options will be granted while all of the
618,000 previously awarded options to the Board of Directors, senior
management and other employees will be cancelled. The new options
will have a five-year term and will vest equally one third each year
over a three-year vesting period. Out of the total number of options
350,000 have been awarded to primary insiders, the allocation of
these is set out in the attached file. The strike price for the new
options has been set to NOK 145.00 per share.
The purpose of the new Share Option Scheme is to promote long-term
employment and align the long-term interest of shareholders and
senior employees.
October 7, 2009
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
Appointment of Director and share incentive program 2009:
http://hugin.info/182/R/1346204/323313.pdf
Copyright © Hugin AS 2009. All rights reserved.
