Itera ASA has issued a share purchase and option programme as long-term incentives for key employees in the company, pursuant to a mandate given by the general meeting on May 25, 2020.
The shares have a restriction on sales for a period of 3 years. The restriction period is considered to be a value-reducing element equivalent to a European put option. If the employee terminates his/her employment with the company before the end of the restriction period, the company has an option to repurchase the shares at a value corresponding to the then current market price minus the original NOK value of the value-reducing restriction period. The subscription price of NOK 8.60 per share is set at the volume weighted average for the last 10 trading days before the subscription period, less the original NOK value of the restriction period.
In total, Itera ASA has today sold 422,818 shares at a price of NOK 8.60 to a total of 11 employees in the Group. New total holding is 1,268,776 shares.
The programme issues 805,000 options, and the vesting period of share options is up to four years.
The exercise price for the options is NOK 11.46, which is equal to the average volume-weighted transaction price on the Oslo Stock Exchange for the last 10 trading days preceding the date of the grant of these options. The exercise price is not adjusted for any dividend payments in the vesting period.
The options can be exercised at the following times:
- with up to 1/3 of the options during the period 01.06.2023-15.06.2023
- remaining options during the period 01.06.2024-15.06.2024
Options that are not exercised within the first exercise period are rolled forward to the next exercise period. The exercising of options is contingent on the employee not having terminated his/her employment at the time of exercise.
The following primary insiders have bought shares or have been granted options:
The CEO, Arne Mjøs, has through his company, Arne Mjøs Invest, bought 100,349 shares. New holdings are 23,297,852 shares in addition to 3,350,000 shares at term, a total of 26,647,852 shares (32.4% of the total outstanding shares). He also has 57,960 options.
CFO Bent Hammer has bought 100,349 shares. New holding is 380,313 shares and 123,840 options.
Executive Vice President Jon Erik Høgberg has purchased 50,175 shares. New holding is 782,045 shares and 57,960 options.
Communications Director Ane Gjennestad has through her company Triceps AS bought 6,000 shares. New holding is 184,019 shares and 41,280 options.
Head of Itera Denmark John Aalling has bought 17,452 shares. New holdings are 191,188 shares and 41,280 options.
COO Anine Ragnif has been granted 150,000 options. New holding is 1,744 shares and 150,000 options.
HR Director Mette Mowinckel has been granted 100,000 options. New holdings are 1,744 shares and 100,000 options.
Sales Director Bjørn Myrvold has been granted 100,000 options. New holding is 52,201 shares and 168,800 options.
Andreas Almquist, board member, has been granted 50,000 options. New holding is 75,255 shares and 74,000 options.
For further information
Bent Hammer, CFO