Hamilton, Bermuda (March 1, 2017)
Reference is made to the stock exchange notice published by Archer Limited (the “Company”) on March 1, 2017 regarding the result of the Private Placement.
Primary insiders in the Company have today been allocated Shares in connection with the Private Placement as follows:
Ørjan Svanevik, Chairman of Archer Limited has subscribed to and has been allocated 1,040,000 shares at a subscription price per share of NOK 10.00. Mr. Svanevik has subsequently sold 1,040,000 shares and entered into a TRS agreement with exposure to the same number of underlying shares. The expiry date is May 16, 2017, and the TRS price is NOK 10.0757 per share.
John Lechner, CEO has subscribed to and has been allocated 100,000 shares at a subscription price per share of NOK 10.00
Dag Skindlo, CFO and EVP Strategy has subscribed to and has been allocated 100,000 shares at a subscription price per share of NOK 10.00.
The Board of Archer Limited has granted each of Mr Lechner and Mr Skindlo 600,000 share options. The share options are granted at a subscription price of NOK 10.00 which is equal to subscription price in the Private Placement. The options will vest 1/3 on March 1, for each of the next three years. The options expire March 1, 2022.
Following the allocation of shares in the Private Placement and the award of share options, Mr. Lechner holds 107,500 shares, 22,500 Restricted Stock Units and 701,000 options and Mr Skindlo holds 106,000 shares and 600,000 options in Archer Limited. Mr. Svanevik holds a total of 1,040, 000 TRS agreement with exposure to the same number of underlying shares in Archer Limited.