Nitro Games distributes incentive options to personnel
The Annual General Meeting of Nitro Games Oyj (”Company”) has on 27 April 2018 resolved to authorise the Board of Directors to issue stock options. The Company’s Board of Directors has distributed to the personnel of the Company a total of 67,500 new option rights on 1 August 2018.
According to the authorization from the Annual General Meeting, the maximum total number of stock options issued is 150,000 and of the stock options, 76,868 shall be distributed before 31 December 2018. Based on this authorization, the Board of Directors has decided on Stock option plan 1/2018. Based on this stock option plan the total numbers of stock options issued is 76,868, and they entitle their owners to subscribe for a maximum total of 76,868 new shares in the Company. This stock option plan is directed to all permanent personnel in the Company.
The stock options shall be issued gratuitously to the Company’s key personnel. The Company has a weighty financial reason for the issue of stock options, since the stock options are intended to form part of the incentive and commitment program for the Company key personnel. The stock options are intended to act as an incentive for the Company’s key persons in their long-term work towards increasing the Company’s shareholder value and to commit said persons to the Company.
The share subscription price shall be EUR 7.24 per share.
The subscription price is set based on resolution of the Company’s Annual General Meeting held on 27 April 2018 and the EUR/SEK exchange rate on 18 June 2018.
Share subscription period begins as follows:
1) Share subscription period begins for 25 per cent of the stock option owner’s stock options on a date which is 12 months from the last day of calendar month during which the stock options have been subscribed for;
2) Thereafter, share subscription period begins for 1/36 of the stock option owner’s stock options, for which share subscription period has not begun based on Section 1) above, on the last day of each calendar month.
Share subscription period ends on 31 December 2022.
Of the stock options, 67,500 were distributed 1 August 2018 and marked with the symbol 1/2018A. The Board of Directors may decide on other stock option classes and about distributing those to potential new permanent personnel, according to Stock option plan 1/2018.
There are 11,368 stock options left in Stock option plan 1/2018 reserved for future use.
The conditions of the stock option program are available at the company’s website www.nitrogames.com/investors.
For more information:
Jussi Tähtinen, CEO
Phone: +358 44 388 1071
Sverker Littorin, Board member, IR Advisor
Phone: +46 70 875 53 09
Nitro Games in brief:
Nitro Games is a free-to-play mobile game developer and publisher focusing in making games for the mid-core user segment. The Company focuses on producing competitive multiplayer games with high production value and high revenue potential for smartphones and tablets. With Nitro Games’ powerful NG Platform and NG MVP-process, the Company is able to do market validation during the development to ensure high product quality. Nitro Games has developed games such as Medals of War, Raids of Glory, East India Company, Commander: Conquest of the Americas, Pirates of Black Cove. Nitro Games’ shares are listed on Nasdaq First North Stockholm with the ticker NITRO, and the company’s Certified Adviser is Augment Partners AB, phone: +46 8 505 651 72. www.nitrogames.com