KIT – Issue of shares under share incentive program
(2023-06-01) Reference is made to Kitron ASA’s previous disclosures regarding its share incentive program. Kitron has received exercise notices from the participants in the share incentive program and Kitron’s board of directors has consequently resolved to issue 526,081 new shares. The shares are issued to the option holders at a strike price of NOK 0.10 per share pursuant to the board authorisation resolved in Kitron’s general meeting held 28 April 2023.
In total, 1,250,000 options were exercised. However, the incentive program is capped at 200 per cent increase of the market capitalization for the shares that are issued, adjusted for dividends and possible share buy backs. As a result, the number of shares that may be subscribed has been reduced with 354,085 shares.
In addition, Kitron has decided to convert 369,834 exercised options under the share incentive program against cash consideration. The cash consideration will be utilised to cover the tax cost for the option holders which will be subject to advance tax deduction by Kitron after exercise of the options. The conversion of options is made at NOK 45.60, which is equal to the closing price on Oslo Børs on 31 May 2023 less the strike price of NOK 0.10 per share.
The following primary insiders have exercised options and subscribed for shares in the share capital increase:
| Number of shares subscribed for | Number of options converted against cash consideration | |
| Peter Nilsson, CEO and President | 162,055 | 131,805 |
| Cathrin Nylander, CFO | 46,743 | 39,265 |
| Kristoffer Asklöv, COO | 37,519 | 34,154 |
| Stian Haugen, CTO | 49,290 | 36,718 |
| Hans Petter Thomassen, Managing Director Kitron Norway & VP North America | 47,595 | 38,413 |
| Mindaugas Sestokas, Managing Director Kitron Lithuania & VP Central Eastern Europe | 61,641 | 24,367 |
| Stefan Hansson Mutas, Managing Director Kitron Sweden | 45,263 | 40,745 |
| Zygimantas Dirse, Managing Director Kitron China | 61,641 | 24,367 |
| Carsten Christensen, CEO of BB Electronics | 7,167 | 0 |
Primary insider notifications pursuant to the market abuse regulation article 19 are attached.
Kitron has furthermore resolved to exercise a right under the share incentive program to implement trading restrictions on the shares issued under the abovementioned share capital increase. All shares issued will be subject to trading restrictions with a duration of three years; however, so that the last two years, one eighth of the total number of new shares will vest and become tradable each quarter.
For further information, please contact:
Tuomo Lähdesmäki, Chairman of the Board of Kitron
Tel.: +358-50-5879648
E-mail: investorrelations@kitron.com
Kitron is a leading Scandinavian electronics manufacturing services company for the Connectivity, Electrification, Industry, Medical devices and Defence/Aerospace sectors. The group is located in Norway, Sweden, Denmark, Lithuania, Germany, Poland, the Czech Republic, India, China and the United States. Kitron has about 3 200 employees, and revenues were EUR 641 million in
2022.
www.kitron.com (http://www.kitron.com)
This information is made public by the Company pursuant to the EU Market Abuse Regulation article 19, and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
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