The Board of Norske Skog ASA has approved a new synthetic option program for senior executive employees in Norske Skog.
The long-term incentive program issues a total of 4.125.000 synthetic options. Synthetic options are not share options but merely a method of calculating cash payments. Any single member of the beneficiary group can request full or partly settlement for the granted options, three years after the options were granted. All options must be settled within five years after they were granted.
The initial exercise price for the options is NOK 38.00, which is equal to the offer price and the opening share price 18 October 2019 at Oslo Stock Exchange, which was the first day of stock exchange listing. The cash payment at the exercise date for the stock options is any positive value between the exercise and fair market value price. The fair market value of the syntetic options is equal to the volume weighted average trading prices for the share adjusted for share events, such as dividends and other customary adjustments, between the award and the exercise date.
The following synthetic options have been awarded to primary insiders:
• CEO Sven Ombudstvedt: 546.000 options
• CFO Rune Sollie: 292.000 options
• SVP Strategy & Legal Lars P.S. Sperre: 292.000 options
• COO Amund Saxrud: 292.000 options
• SVP Commercial Robert A Wood: 292.000 options
• SVP Strategic Projects Tore Hansesætre: 292.000 options
• VP Communication & Public Affairs Carsten Dybevig: 231.000 options
• VP Legal Einar Blaauw : 231.000 options
Oslo, 13 November 2019
Norske Skog
Communications and Public Affairs
For further enquiries, please contact:
Norske Skog media:
Vice President Corporate Communication and Public Affairs
Carsten Dybevig
carsten.dybevig@norskeskog.com
Mob: +47 917 63 117
Norske Skog Investor Relations:
Chief Financial Officer
Rune Sollie
rune.sollie@norskeskog.com
Mob: +47 906 34 788