The Board of Frontline Ltd. (the Company) has today approved the grant of employee share options in respect of 300,000 ordinary shares in the Company. These options have been granted pursuant to the Companys existing Bermuda Employee Share Option Scheme, as amended.
250,000 of the shares reserved for issue under this grant have been allocated to employees of the Company and its subsidiaries, with the remaining 50,000 reserved for future employees.
The main terms of the options granted are as follows:
The option period is 3 years.
The options vest on January 1, 2000 and are exercisable in the period between 1 January 1, 2001 and the December 31, 2002.
The subscription price for the exercise of the options will be NOK 44,50
No premium will be payable for the grant of the options.