North Energy ASA ("North Energy" or "Company") has today signed agreements for the issuance of synthetic shares to management and board members in the Company in line with the Company’s long-term incentive program described in the latest Guidelines for remuneration of leading personnel approved in the General Meeting April 10, 2025.
The long-term incentive program is aimed at promoting long-term value creation, ensuring alignment of interest among shareholders and Executive Management.
The purchase price for the synthetic shares is 2.636 and is based on the 5-day volume-weighted average price (VWAP) ending May 20, 2025.
The synthetic shares do not give the management rights in the Company as a shareholder, but a right to sell the synthetic shares back to the Company after a vesting period of 3 years where the consideration for the synthetic shares shall reflect the value of the shares in the Company. The Management is offered to loan 90% of the purchase price from the Company. The loan will bear interest at an interest rate equivalent to the applicable normal interest rate for the taxation of low-cost loans from an employer (Normrente for beskatning av rimelige lån hos arbeidsgiver)
The following executives and primary insiders have been allocated synthetic shares:
Didrik Leikvang, Co-CEO, has been allocated 4,000,000 synthetic shares and will purchase the shares through his wholly owned company Isfjorden AS.
Rachid Bendriss, Co-CEO, has been allocated 4,000,000 synthetic shares and will purchase the shares through his wholly owned company Celisa Capital AS.
Rune Damm, CFO, has been allocated 500,000 synthetic shares and will purchase the shares personally.
Anders Onarheim, Chairman of the Board, has been allocated 3,000,000 synthetic shares and will purchase the shares through his wholly owned company AB Investment AS.
Elin Karfjell, Board member, has been allocated 500,000 synthetic shares and will purchase the shares personally.
Jogeir Romestrand, Board member, has been allocated 500,000 synthetic shares and will purchase the shares personally.
DISCLOSURE REGULATION
This information is subject to disclosure requirements set out in the Market Abuse Regulation EU 596/2014 Article 19 and subject to the disclosure requirements pursuant to section 4.2.4(1) no. 1 of the Oslo Stock Exchange's issuer rules.
CONTACTS
Rune Damm, CFO, (+47) 4166 6685, rune.damm@northenergy.no