NORBIT – Share issue in connection with incentive programs to employees
Trondheim, 19 August 2024: Reference is made to the stock exchange notice dated 4 July 2022 where the Board of Directors of NORBIT ASA (the ‘Company’) decided to approve incentive share purchase programs for all eligible employees in the NORBIT group of companies.
Under the share matching program, employees were offered the opportunity to acquire shares at market value, and in turn, obtain a right to receive compensation in new shares equivalent to their invested amount after 24 months if certain conditions were met. Under said program, the Board of Directors has decided to award shares to eligible employees who participated in the share matching program in 2022.
In connection with the share issue, the Board of Directors of the Company has resolved to increase the Company’s share capital by NOK 9,083.40 through the issuance of 90,834 new shares, each with a par value of NOK 0.10. The resolution is based on the authorization to increase the share capital granted by the Company’s general meeting on 6 May 2024.
Following registration of the share capital increase with the Norwegian Register of Business Enterprises, the Company will have a share capital of NOK 6,361,459.70, divided into 63,614,597 shares, each with a par value of NOK 0.10.
Certain of the primary insiders have agreed with the Company that the Company will purchase a portion of the shares awarded under the matching program 2022 to cover tax liabilities. In aggregate, the Company will purchase 7,102 shares at a price of NOK 77.4336 per share.
Following completion of the above-mentioned transactions, the relevant primary insiders together with their related parties, will hold the following number of shares in the Company:
Per Kristian Reppe, Group Chief Financial Officer: 85,430 shares
Peter Eriksen, Business Unit Director Oceans: 847,144 shares
Asbjørn Dahl, Commercial Director Connectivity & PIR: 13,362 shares
For further details on shares subscribed for and awarded to by primary insiders of the Company and the share sales to the Company, please see the attached forms.
For more information, please contact:
Per Jørgen Weisethaunet, CEO, +47 959 62 915
Per Kristian Reppe, CFO, +47 900 33 203
About NORBIT ASA
NORBIT is a global provider of tailored technology to selected applications, solving challenges and promoting sustainability through innovative solutions, in line with its mission to Explore More. The company is structured in three business segments to address its key markets: Oceans, Connectivity and Product Innovation & Realization. The Oceans segment delivers tailored technology solutions to global maritime markets. The Connectivity segment provides wireless solutions for identification, monitoring and tracking. The Product Innovation & Realization segment offers R&D services, proprietary products, and contract manufacturing to key customers. NORBIT is headquartered in Trondheim with manufacturing in Europe and North America, has around 500 employees, and a worldwide sales and distribution platform.
For more information: www.norbit.com
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
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