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Wednesday, February 06, 2019 2:31:56 PM
Borregaard's Board of Directors has decided to issue share options in accordance with the proxy given by the Annual General Meeting held on 12 April 2018. The total number of options issued is 400,000.
The options will expire after five years (6 February 2024), and may be exercised in the last two years. The strike price of the options is NOK 82.35. It is based on the volume weighted average share price during the first three trading days after the announcement of the 4th quarter 2018 results with an addition of 10%. The strike price will be adjusted for dividend and equity transactions. The maximum annual gain is limited to twice the annual base salary for the CEO, and equivalent to the annual base salary for the other option holders. At least 50% of the proceeds after tax must be used to purchase shares in the Company, and the purchased shares will be locked for a period of three years. The members of the Executive Management are expected to acquire shares until their shareholdings equal their annual base salary, and twice the base salary for the CEO.
Primary insiders have the following holdings of options and shares in Borregaard after the new share options were issued on 6 February 2019 (new options in parenthesis):
Per A. Sørlie holds 300,000 options (60,000) and owns 147,439 shares
Morten Harlem holds 166,000 options (30,000) and owns 47,408 shares
Tom Erik Foss-Jacobsen holds 87,000 options (20,000) and owns 37,064 shares
Per Bjarne Lyngstad holds 117,000 options (20,000) and owns 55,045 shares
Tuva Barnholt holds 95,000 options (15,000) and owns 30,617 shares
Sveinung Heggen holds 95,000 options (15,000) and owns together with related parties 9,553 shares
Ole Gunnar Jakobsen holds 75,000 options (20,000) and owns 29,812 shares
Gisle Løhre Johansen holds 70,000 options (15,000) and owns 20,708 shares
Dag Arthur Aasbø holds 95,000 options (15,000) and owns 47,545 shares
The total number of outstanding share options is now 1,957,000, equivalent to 1.96 % of the number of shares (including 448,752 treasury shares) in Borregaard.
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