Hexagon Composites ASA: Mandatory notification of trade - provisional award of PSUs
The Board of Directors of Hexagon Composites ASA ("Hexagon Composites" or the "Company") has decided to provisionally award up to 2 492 438 Performance Share Units ("PSUs") to executives.
The PSU allocation is in accordance with the Board of Director's compensation policy for the senior executive management. This policy is described in "Declaration to the Annual General Meeting of Hexagon Composites ASA concerning determination of Salary and other remuneration to the CEO and other Management", which will be presented for shareholder approval at the Annual General Meeting on 24 April 2019 (the "AGM").
The PSUs are non-transferable and will vest on 11 February 2022 subject to satisfaction of the applicable vesting conditions. The actual number of PSUs to be allocated will depend on 2019 performance and attain minimum zero and maximum 2 492 438. Each vested PSU will give the holder the right to receive one share in the Company at an exercise price corresponding to the par value of the shares being NOK 0.10.
The total number of outstanding options, RSUs and PSUs are now 2 800 000, 100 000 and 2 492 438 respectively.
Of the maximum 2 492 438 provisionally awarded PSUs, maximum 1 058 186 PSUs have provisionally been awarded to primary insiders as listed below:
| Primary insider: | Title | Max potential PSU award[1] | Min. award | Holding Options | Holding Shares |
| Baik, Seung | President Agility Fuel Solutions | 139 930 | 0 | ||
| Bandele, David | CFO | 93 286 | 0 | 230 000 | 68 949 |
| Chudzick, Heiko | EVP Operations | 93 286 | 0 | 80 000 | |
| Engeset, Jon Erik [2] | Group President & CEO | 136 986 | 0 | 370 000 | 201 315 |
| Häberli, Frank | VP Strategic Projects | 34 982 | 0 | 180 000 | 40 365 |
| Kleschinski, Michael | President Hexagon Purus | 93 286 | 0 | 230 000 | 3 700 |
| Rashilla, Rick | VP Hexagon Purus | 93 286 | 0 | 180 000 | 58 000 |
| Schimenti, Jack | EVP | 93 286 | 0 | 230 000 | 98 803 |
| Siedlecki, George | CFO Hexagon North America | 93 286 | 0 | 180 000 | 21 853 |
| Smith, Jon | President Hexagon Mobile Pipeline | 93 286 | 0 | ||
| Stavheim, Skjalg Sylte | President Hexagon Ragasco | 93 286 | 0 | 230 000 | 65 419 |
[1] equals total holding of PSU rights.
[2] The shares are held by Dionysos AS, a company 100% controlled by Jon Erik Engeset
For more information:
David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | david.bandele@hexagongroup.com
Hiva Ghiri, VP Investor Relations, Hexagon Composites ASA
Telephone: +47 958 66 790 | hiva.ghiri@hexagongroup.com
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.