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Mandatory Notification of Trade - Options
Reference is made to the announcement on 22 May, 2018, in which Hexagon Composites ASA (the "Company") announced the grant of 1,200,000 share options to employees under its employee share option program, each at a strike price of NOK 20.85 per share. Following the spin-off of Purus and resultant distribution of a dividend in kind amounting to 15% of that company, the strike price has been adjusted by the fair market value of NOK 4.095 essentially to “make whole” all 2018 options holders. The new strike price is therefore NOK 16.80 per share.
Of the 1,200,000 options, 800,000 options were granted to senior executives and managers listed as primary insiders.
The options may be exercised in part or in full within three weeks following the official announcement of the financial results for the fourth quarter of 2020, first quarter of 2021 and second quarter of 2021.
The following primary insiders have exercised options on 10 March 2021, the last day of the current exercise window.
Primary insider | Options exercised | Shares received upon exercise of options | Shares held before shares received upon exercise of options | Shares held after exercise of options | Numbers of options held after exercise | Number of PSUs held |
David Bandele | 80 000 | 67 112 | 88 317 | 155 429 | 0 | 121 080 |
George Siedlecki | 80 000 | 67 112 | 46 010 | 113 122 | 0 | 121 080 |
The Company has resolved to settle the economic value of the exercised options through transfer of shares held in treasury and has therefore initiated the transfer of 134 224 treasury shares to the employees as settlement of the exercised options. After the transaction, the Company will hold 1 477 153 treasury shares.
To settle their tax obligation resulting from the option exercise, the following individuals have sold some of their shares:
Primary insider | Number of shares sold | Share price sold | Total shares held after the sale |
David Bandele | 40 000 | 50.9555 | 115 429 |
George Siedlecki | 40 000 | 50.9555 | 73 122 |
For more information:
Hiva Ghiri, VP Investor Relations, Hexagon Composites
Telephone: +47 958 66 790 | hiva.ghiri@hexagongroup.com
About Hexagon Composites
Hexagon delivers safe and innovative solutions for a cleaner energy future. Our solutions enable storage, transportation and conversion to clean energy in a wide range of mobility, industrial and consumer applications.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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