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