TORM Grants 1.36 Million RSUs at DKK167 Strike, USD10.9m Value
TORM will grant 1.36 million RSUs to employees and 255,200 RSUs to its executive director under 2025 incentive plan vesting one-third annually from January 1, 2027 with an exercise price of DKK 167.14. The awards carry a USD10.9m valuation and will add 6.2m, 3.3m and 1.4m to expenses from 2026–28.
1. Long-Term Incentive Program
TORM’s board has approved a long-term incentive program awarding a total of 1,356,087 Restricted Share Units to selected employees and 255,200 RSUs to Executive Director Jacob Meldgaard. The grants are designed to align employee interests with shareholder value by tying rewards to future share performance.
2. Vesting and Exercise Terms
Each RSU entitles the holder to one A-share upon vesting, which occurs in three equal tranches on each anniversary beginning January 1, 2027. The exercise price is set at DKK 167.14, reflecting a 15% premium over the 90-day average price, and vested RSUs can be exercised for 360 days after vesting.
3. Valuation and Financial Impact
Theoretical market value of the RSU allocation is USD10.9 million based on a Black-Scholes model with a 40% volatility assumption and Danish government bond rates of 1.78%–2.01%. The program will add USD6.2m to expenses in 2026, USD3.3m in 2027 and USD1.4m in 2028.
4. Q4 2025 Earnings Call Transcript Release
TORM published the Q4 2025 earnings call transcript on February 26, 2026, providing detailed management commentary and financial results for the quarter. Investors can review the transcript to assess operational performance and strategic outlook.