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Kitron - Allocation of options to executive management


July 2, 2013 - London

(2013-07-02) The board of directors of Kitron ASA ("Kitron") has decided to allocate share options to executive management in accordance with the option program approved by the Annual General Meeting on 22 April 2013.

It has been allocated options to the following executive management:

Executive Position Allocated options
[Vacant] CEO 1 500 000
Cathrin Nylander CFO 600 000
Israel Losada Salvador COO 600 000
Dag Songedal MD Norway 550 000
Thomas Löfgren MD Sweden 500 000
Mindaugas Sestokas MD Lithuania 500 000
Tommy P. Storstein Sales Director 425 000
Bengt Enbom HR Director 400 000
Gard Eliassen Sourcing Director 400 000
Total 5 475 000

Each option entitles to subscribe one share in Kitron. The options are allocated without consideration and with a strike price at NOK 0.10. The options have a vesting period of three years with full vesting at the end of the vesting period, provided that the following conditions are fulfilled:

  • Each manager must remain an employee of Kitron or an affiliated company at the end of the vesting period. 

  • The market cap of Kitron must have increased in the vesting period. 

  • If the stock market price is the same or lower than the volume weighted average quotation on Oslo Børs prior to 1 July 2013, no share options shall vest. 

  • If the stock market price has increased with 100% or more, all options shall vest. 

  • If the stock market price has increased with between 0% and 100%, the options shall vest linearly. 

  • When determining the development in Kitron's stock market price, the volume weighted average quotation on Oslo Børs the three months prior to 1 July 2013 shall be compared with the volume weighted average quotation on Oslo Børs in a three months period commencing two months prior to and ending one month after expiry of the vesting period. 

The options shall be adjusted in case of certain amendments to the Kitron's share capital. All options shall be fully vested if a public offer is made for the shares in the Company.

After the allocation of options the mentioned persons have, together with related parties, the following holding of shares and rights to shares in the Company:

Executive Position Options Shares
[Vacant] CEO 1 500 000
Cathrin Nylander CFO 600 000
Israel Losada Salvador COO 600 000
Dag Songedal MD Norway 550 000
Thomas Löfgren MD Sweden 500 000
Mindaugas Sestokas MD Lithuania 500 000
Tommy P. Storstein Sales Director 425 000
Bengt Enbom HR Director 400 000 10 000
Gard Eliassen Sourcing Director 400 000
Total 5 475 000 10 000

For further information please contact:
Asa-Matti Lyytinen, Chairman of the board of directors of Kitron ASA, tel. +358 405 142 007 or e-mail asamatti@hotmail.com

Kitron is one of Scandinavia's leading electronics manufacturing services companies for the Defence, Energy/Telecoms, Industry, Medical equipment and Offshore/Marine sectors. The company is located in Norway, Sweden, Lithuania, Germany, China and the United States. Kitron had revenues of about NOK 1.7 billion in 2012 and has about 1,200 employees. www.kitron.com

This information is subject of the disclosure requirements of the Norwegian Securities Trading Act section 5-12.




This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Kitron ASA via Thomson Reuters ONE

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