Kitron: Issue of shares under share incentive program
(2024-06-03) 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 700,027 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 25 April 2024.
In total, 1,250,000 options were exercised. In addition, Kitron has decided to convert 549,973 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 33.30, which is equal to the closing price on Oslo Børs on 3 June 2024 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 | 150 759 | 119 241 |
| Cathrin Nylander, CFO | 52 060 | 47 940 |
| Kristoffer Asklöv, COO | 52 033 | 47 967 |
| Stian Haugen, CTO | 57 019 | 42 981 |
| Hans Petter Thomassen, Regional VP Nordics & North America | 53 059 | 46 941 |
| Mindaugas Sestokas, Regional VP Central & Eastern Europe | 68 000 | 32 000 |
| Zygimantas Dirse, Regional VP Asia | 68 000 | 32 000 |
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: [email protected]
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, Malaysia, China and the United States. Kitron has about 2 800 employees, and revenues were EUR 775 million in 2023.
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.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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