Hamilton, Bermuda (March 2, 2017)
In connection with Archer’s long term incentive program 191,750 restricted stock units (“RSUs”) have vested and the same amount of common shares have been distributed to Archer employees.
In connection with the vesting of RSUs, Archer Limited has issued 191,750 common shares. The authorized share capital of Archer Limited is USD 10,000,000 divided into 1,000,000,000 common shares of par value USD 0.01 each. Fully paid and outstanding share capital of Archer Limited following the share capital increase is USD 583,567.16 consisting of 58,356,716 fully paid common shares of par value of USD 0.01 each.
The following primary insiders were amongst the recipients of shares:
Mr. John Lechner, CEO, received 7,500 shares. After this transaction, Mr. Lechner holds 115,000 shares, 696,200 stock options and 15,000 RSUs in Archer Limited
Mr. Max Bouthillette, President, Western Hemisphere, General Counsel, Compliance Officer and EVP, received 7,500 shares. After this transaction, Mr. Bouthillette holds 32,500 shares, 120,000 stock options and 15,000 RSUs in Archer Limited.
After these transactions, the total number of options and RSUs outstanding in Archer Limited is 1,789,433 and 318,750 respectively.