Mandatory notification of trade by primary insiders - synthetic share options under the Long-Term Incentive programme
Norske Skog ASA’s (“Norske Skog” or the “Company”) Long-Term Incentive programme established in October 2019 consists of synthetic share options which are exercisable on announcement of a quarterly report between three and five years after award. Primary insiders today exercised 386 000 synthetic options awarded in May 2021 in conjunction with the announcement of the final quarterly report within the five-year exercise period, thus marking the final possible exercise date for this award.
The synthetic options are settled by way of cash payment, for each option comprising the difference between the exercise price (determined at the original award) and the fair market value (calculated as the volume weighted average trading price over five trading days). All synthetic options exercised had an exercise price of NOK 30.13 and the fair market value is NOK 41.18.
The synthetic options do not entitle the holder to acquire or subscribe for shares. All synthetic options have been granted in accordance with the Company's Long-Term Incentive programme described in the Company's Guidelines for remuneration to leading personnel and the 2025 Report on salary and other remuneration to leading personnel.
Primary insiders in the Company have exercised synthetic options as follows at the end of the exercise period:
- Tord Steinset Torvund, Chief Financial Officer, exercised 176 000 synthetic options. - Even Lund, Senior Vice President Corporate Finance, exercised 176 000 synthetic options. - Robert Wood, Senior Vice President Commercial, exercised 19 000 synthetic options. - Einar Blaauw, Senior Vice President General Counsel, exercised 15 000 synthetic options.
Further details of the primary insider transactions pursuant to the EU Market Abuse Regulation article 19 are attached.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Norske Skog Communications and Public Affairs
For further information:
Norske Skog media: Vice President Communication and Public Affairs Carsten Dybevig Email: carsten.dybevig@norskeskog.com Mob: +47 917 63 117
Norske Skog capital markets: Senior Vice President Corporate Finance Even Lund Email: even.lund@norskeskog.com Mob: +47 906 12 919