The Board of Frontline Ltd (the "Company") has approved the grant of employee share options in respect of a maximum of 260,000 ordinary shares in the Company. These options have been granted pursuant to the Company's existing Bermuda Employee Share Option Scheme (the "Scheme"), as amended.
221,500 of the shares reserved for issue under this grant have been allocated to employees of the Company and its subsidiaries, with the remaining 38,500 reserved for future employees.
The mains terms of the options granted are as follows:
The options vest on June 3, 2002. One third of the options become exercisable in the second quarter of 2003, one third of the options become exercisable in the second quarter of 2004 and one third of the options become exercisable in the second quarter of 2005. All options expire on June 3, 2007.
The subscription price for the exercise of the options is $11.90.
No premium will be payable on the grant of the options.
The Company has reserved the right to pay cash on the exercise of options in lieu of issuing shares.
Further the Board of the Company has decided to change the final exercise date of options granted under the scheme in 1999. The new final date for exercise of options granted in 1999 will be March 15, 2004.