The board of directors of Kitron ASA (“Kitron“) has decided to allocate share options to executive management in accordance with the option program approved by the Annual General Meeting on 22 April 2013.
It has been allocated options to the following executive management:
|[Vacant]||CEO||1 500 000|
|Cathrin Nylander||CFO||600 000|
|Israel Losada Salvador||COO||600 000|
|Dag Songedal||MD Norway||550 000|
|Thomas Löfgren||MD Sweden||500 000|
|Mindaugas Sestokas||MD Lithuania||500 000|
|Tommy P. Storstein||Sales Director||425 000|
|Bengt Enbom||HR Director||400 000|
|Gard Eliassen||Sourcing Director||400 000|
|Total||5 475 000|
Each option entitles to subscribe one share in Kitron. The options are allocated without consideration and with a strike price at NOK 0.10. The options have a vesting period of three years with full vesting at the end of the vesting period, provided that the following conditions are fulfilled:
Each manager must remain an employee of Kitron or an affiliated company at the end of the vesting period.
The market cap of Kitron must have increased in the vesting period.
If the stock market price is the same or lower than the volume weighted average quotation on Oslo Børs prior to 1 July 2013, no share options shall vest.
If the stock market price has increased with 100% or more, all options shall vest.
If the stock market price has increased with between 0% and 100%, the options shall vest linearly.
When determining the development in Kitron’s stock market price, the volume weighted average quotation on Oslo Børs the three months prior to 1 July 2013 shall be compared with the volume weighted average quotation on Oslo Børs in a three months period commencing two months prior to and ending one month after expiry of the vesting period.
To read more, please visit the Kitron website.