Kitron ASA, KIT

The share option program entails that executive management, on certain terms, may be granted a right to subscribe for shares in Kitron ASA ("Kitron").

14.12.2016 - 08:01:12

Kitron: Allocation of options. The share option program is further described in more detail in note 18 in Kitron's annual financial statements.

(2016-12-14) In 2015 the Board introduced a new share option program for executive management comprising up to 5,500,000 shares running for three years from the start of the second calendar quarter 2016.

The share option program entails that executive management, on certain terms, may be granted a right to subscribe for shares in Kitron ASA ("Kitron"). The share option program is further described in more detail in note 18 in Kitron's annual financial statements.

In accordance with the abovementioned share option program and the board of director's Declaration on salaries and other remuneration to the senior executive management, as approved by Kitron annual general meeting held 21 April 2016, the Board of Kitron decided, on 13 December 2016, to issue another 1,250,000 options under the share option program.

The options are allocated to the management as follows:

CEO and President Peter Nilsson received 250,000 options in addition to the 1,000,000 he has been granted previously. After the allocation Peter Nilsson holds 1,250,000 options and 1,148,876 shares in Kitron.

CFO Cathrin Nylander received 87,500 options in addition to the 350,000 she has been granted previously. After the allocation Cathrin Nylander holds 437,500 options and 515,064 shares in Kitron.

COO Israel Losada Salvador received 87,500 options in addition to the 350,000 he has been granted previously. After the allocation Israel Losada Salvador holds 437,500 options and 460,064 shares in Kitron.

Sales director Tommy P. Storstein received 62,500 options in addition to the 250,000 he has been granted previously. After the allocation Tommy P. Storstein holds 312,500 options and 297,176 shares in Kitron.

MD Norway Hans Petter Thomassen received 75,000 options in addition to the 300,000 he has been granted previously. After the allocation Hans Petter Thomassen holds 375,000 options and 177,242 shares in Kitron.

MD Lithuania Mindaugas Sestokas received 75,000 options in addition to the 300,000 he has been granted previously. After the allocation Mindaugas Sestokas holds 375,000 options and 452,353 shares in Kitron.

MD China Zygimantas Dirse received 37,500 options in addition to the 150,000 he has been granted previously. After the allocation Zygimantas Dirse holds 187,500 options and 204,170 shares in Kitron.

Supply chain director Richard Skogh received 100,000 options. After the allocation Richard Skogh holds 100,000 options and 82,523 shares in Kitron.

Director Stefan Hansson Mutas received 375,000 options. After the allocation Stefan Hansson Mutas holds 375,000 options and 4,000 shares in Kitron.

In addition, 100,000 options were allocated to the currently vacant HR director position.

After the above allocation, 1,250,000 options remain under the share option program as non-allocated.

For further information please contact: Tuomo Lähdesmäki, Chairman Kitron ASA, Tel.: 358-50-5879648.

Kitron is one of Scandinavia's leading electronics manufacturing services companies for the Defence/Aerospace, Energy/Telecoms, Industry, Medical devices and Offshore/Marine sectors. The company is located in Norway, Sweden, Lithuania, Germany, China and the United States. Kitron had revenues of about NOK 1.95 billion in 2015 and has about 1 250 employees. www.kitron.com

This information is subject of the disclosure in accordance with section 5-12 of the Norwegian Securities Trading Act (Norwegian: verdipapirhandelloven).

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Kitron ASA via GlobeNewswire

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