Frontline chairman Ola Lorentzon cashed in NOK 4.2m ($0.4m) in share options on Thursday.
The 18,000 synthetic options were exercised under the John Fredriksen-backed tanker company’s share scheme approved in December, according to an Oslo Stock Exchange filing.
The exercise price was NOK 44.21, adjusted from NOK 76 due to a $3.02 dividend paid per share since the options were granted.
The options were settled at NOK 235.09 a piece. Frontline shares closed at NOK 233.45 on Thursday in Oslo after earlier trading as high as NOK 237.65.
Synthetic options give a right to cash settlements depending on the development of a company’s share price.
Lorentzon has been a director of Frontline since 2015 and served as chairman since May 2021. He was the managing director of Frontline Management, a subsidiary of Frontline, from April 2000 until September 2003.
Lorentzon is also a director and chairman of Golden Ocean Group, a director of Erik Thun AB and a director of Flex LNG.
