TGS Vesting Under the 2023 Long-term Incentive Plan
Oslo, Norway (11 August 2026) - In accordance with the measures approved by the shareholders of TGS at the Annual General Meeting on 10 May 2023, the Board of Directors of TGS ASA authorized TGS to grant Performance Stock Units (PSUs) and Restricted Stock Units (RSUs) under the 2023 Long Term Incentive Plan to key employees of TGS on 8 August 2023. Each RSU represented the right to receive one share, while each PSU represented the right to receive a maximum of one share depending on performance against target metrics during the measurement period of 1 January 2023 to 31 December 2025. The granted PSUs and RSUs were secured by free-standing warrants.
In accordance with the terms of the 2023 Long Term Incentive Plan, the PSUs and RSUs vested on 8 August 2026, resulting in a total of 159 PSU/RSU holders having the right to request the issuance of a total of 367,704 TGS shares at par value NOK 0.25. The TGS Board of Directors determined that the final payout on the PSUs is 40.0% based on achievement of performance metrics set forth in the plan, resulting in a total of 181,204 shares issuable to 31 holders of the vested PSUs. In addition, 186,500 shares are issuable to 128 employees for the vesting of the RSUs.
PSU/RSU participants will have a portion of their vested shares cash settled by TGS, using the fair market value of the shares as defined under the plan, to cover tax withholding obligations and other necessary deductions that arise in connection with the vest.
The following primary insiders have the right to request the issuance of the following number of TGS shares related to the vesting of the PSUs/RSUs, a portion of which may be cash-settled as described above:
---- Kristian Johansen - 25,292 shares
---- Sven Børre Larsen - 12,000 shares
---- William Ashby - 10,692 shares
---- Tana Pool - 10,692 shares
---- David Hajovsky - 10,692 shares
----Carel Hooijkaas - 10,692 shares
---- Whitney Eaton - 10,692 shares
For more information, visit TGS.com (http://www.tgs.com) or contact:
Bård Stenberg VP IR & Business Intelligence investor@tgs.com
About TGS
TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com.