John Fredriksen's bulker company Golden Ocean has awarded share options worth about NOK 9m ($1m) at the current price to new chief financial officer Peder Simonsen.
The executive joined last week from another Fredriksen-backed shipowner, VLGC player Avance Gas.
Oslo-listed Golden Ocean said Simonsen has been granted 275,000 share options expiring in 2025.
Of the total, 75,000 will vest in 2021 at an exercise price of NOK 32 each, with another 75,000 falling due in 2022 at NOK 48.
The remaining 125,000 will vest in 2023 at NOK 64.
These are the prices Simonsen can buy at, so for the options to have a value, the stock price will need to trade above these levels at the time.
And to reach a $1m value, the price will have to reach NOK 85.
The prices will be adjusted for any distribution of dividends made before the relevant options are exercised, however.
Executives play musical chairs
The stock was trading at NOK 32.66, up 0.68%, in Oslo on Tuesday morning.
Simonsen was the interim chief executive at Avance Gas, while also continuing to work as the CFO.
The executive will be retained as an advisor to Avance Gas for a period, in order to secure continuity, the Oslo-listed company said.
Simonsen took over running Avance Gas in April from former CEO Ulrik Andersen, who left to become the boss of Golden Ocean after nine months in the top job.
His departure means another Fredriksen lieutenant, Ben Martin, will be chief commercial officer of both Avance Gas and Flex LNG simultaneously.
Avance Gas will have no CEO.
