Mandatory Notification of Trade - Options
November 16, 2021 - Stock Exchange Release
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 distribution of 15% of the shares in Hexagon Purus AS as dividend in kind on 14 December 2020, the strike price has been adjusted by NOK 4.095 to "make whole" the 2018 options holders. The adjusted strike price is NOK 16.755 per share.
Of the 1,200,000 options, 800,000 options were granted to senior executives and managers listed as primary insiders.
Jon Erik Engeset, Group President and CEO, was granted 120,000 options under the 2018 program. Mr. Engeset has today exercised his remaining 60,000 options under the 2018 program and sold these to settle his tax obligations resulting from the program, representing 50% of the total 2018 options exercised. The average price obtained for the sale of shares was NOK 39.49.
The Company settled the economic value of the exercised options through transfer of 60,000 shares held in treasury. The table below shows the movements of the primary insider's accounts. After the transaction, the Company holds 1,031,325 shares in treasury.
|Primary insider||Title||Options exercised in 2021||Options exercised today||Shares held before exercise of options today||Shares held after exercise of options today and sale of shares||Number of options held after exercise||Numbers of PSUs held|
|Jon Erik Engeset(1)||Group President & CEO||120,000||60,000||323,554||323,554||0||231,709|
(1) 64,106 shares are held by Jon Erik Engeset personally and 259,448 shares are held by Dionysos AS, a company 100% controlled by Jon Erik Engeset
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
The announcement is made by the contact person.
For more information:
Hiva Ghiri, VP Investor Relations, Hexagon Composites
Telephone: +47 958 66 790 | email@example.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.