NPRO: SHARE OPTION CONTRACT WITH NEW CEO
Norwegian Property ASA has today entered into a share option contract with Bent Oustad, the company’s new CEO starting 1 January 2018. Bent Oustad is awarded options for a total of 5,750,000 shares in Norwegian Property ASA as follows:
- The right to subscribe for 1,000,000 shares at the strike price of NOK 10.00 per share, and with the earliest date of exercise on 1 January 2019;
- The right to subscribe for 1,250,000 shares at the strike price of NOK 11.50 per share, and with the earliest date of exercise on 1 January 2020;
- The right to subscribe for 1,500,000 shares at the strike price of NOK 12.50 per share, and with the earliest date of exercise on 1 January 2021;
- The right to subscribe for 2,000,000 shares at the strike price of NOK 14.50 per share, and with the earliest date of exercise on 1 January 2022.
The options will be repealed if not exercised within 1 July 2022. As an alternative to delivery of shares, the board of Norwegian Property may select to settle the profit in cash. The agreement also contains ordinary conditions of employment and adjustment of share prices due to corporate events.
The options contract is subject to approval by the General Assembly, and will be treated during 2018.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contact: Chairman of the board, Martin Mæland, tel. +(47) 90 79 10 79.
Norwegian Property is a focused and fully integrated office property company with 32 properties located in the Oslo area and Stavanger in Norway. The portfolio, which has a total fair value of NOK 15.0 billion, is characterized by central location and attractive premises high quality tenants. The group’s properties consist largely of office premises, associated warehousing and car parking, as well as retail and catering space. The company has identified four value drivers for long-term value creation; Marketing & letting, Property management, Property development and Transactions & finance.
Norwegian Property is listed on Oslo Stock Exchange with the ticker NPRO.