Oslo-listed tanker owner Frontline has rewarded directors and top management with a chance to bank more money from the company's rising share price.
Five-year options granted on Wednesday would usually mean a chance to own stock worth NOK 83.2m ($9.24m), based on the current share price of NOK 65, up more than 5%.
But these are described as "synthetic options", meaning they will be settled in cash based on the difference between the market price of the company's shares and the exercise price on specific dates.
A total of 352,000 options will vest on 7 December next year, the same amount a year later and 576,000 in December 2024.
The exercise price is NOK 71 each, rising by NOK 5 each year.
Stock on the up
The Frontline share began 2021 at NOK 55 and has been above NOK 80 twice this year.
Of the 1.28m options, director and controlling shareholder John Fredriksen has received 80,000, while chairman Ola Lorentzon got 160,000.
Two other directors, James O'Shaughnessy and Tor Svelland, were awarded 80,000 each.
Chief executive Lars Barstad received 400,000 and chief financial officer Inger Klemp 200,000.
The reward scheme was approved by the board on Tuesday.
In July, key Frontline insiders cashed in stock options awarded five years ago at a tidy profit.
Fredriksen gained an extra 198,000 shares in the tanker company, a slice worth $1.7m back then.
The deal represented a gain of $594,000 on the difference between the trading price and the strike price.
Lorentzon declared 21,000 options, while Klemp took advantage of 120,000.
The options were granted in July 2016 for a five-year term.
