ABL directors grant share options to employeesComments Off on ABL directors grant share options to employees
The Board of Directors of ABL Group ASA (the “Company”) has granted a total of 1,000,000 share options to employees in accordance with the Company’s long-term incentive plan (the “LTIP”), where each option will give the holder the right to acquire one share in ABL Group ASA.
The options are granted without consideration. The grant of options is made to employees that joined ABL Group in connection with the acquisition of Add Energy in July 2022, and is aimed to align the interests of the participating employees with those of the Company’s shareholders.
The exercise price for the options is NOK 12.64, equal to the share issue carried out in connection with the acquisition of Add Energy. Please refer to the stock exchange notice dated 11 July 2022 for more details. The options will vest on 11 July 2025. All unexercised options will expire nine months after vesting, unless extended by the Board of Directors. Exercise periods will be set by the Company.
The options are non-tradable and conditional upon the option holder being employed by the Company and not having resigned prior to exercise.
Subject to certain conditions, the option holders are obligated to reinvest 25 percent of the pre-tax net gain on the options in ABL shares, and to hold these shares for up to three years following exercise. One third of these shares will be released from this obligation for every year following exercise.
The Board of Directors may choose to settle the options by way of cash settlement in lieu of issuing new shares. Exercise terms may be reasonably adjusted by the Board of Directors in the event of dividend payments, share splits or certain other events relating to the equity share capital of the Company.
Following the grant of options, the LTIP consists of the following outstanding options: 630,000 options vested 11 June 2022, with exercise price NOK 3.24; 9,215,000 options vesting 14 December 2023, with exercise price NOK 5.53; 1,000,000 options vesting 11 July 2025, with exercise price NOK 12.64.
For more details on the LTIP, please refer to the Company’s Annual Report and the remuneration guidelines approved by the 2022 Annual General Meeting.