Exercise of employee share options
1. Participants in the Company's option program have on December 10th, 2019 exercised 55,000 options. Following the exercise, 55,000 shares will be transferred from the Company's holding of own shares. Subsequent to the transaction Otello Corporation ASA holds 2,508,000 own shares.
2. Options exercised by primary insiders December 10th 2019:
Jason Hoida has exercised 30,000 options, which expired, in the Company, corresponding to 30,000 shares at the strike price of NOK 11.58.
Petter Lade has exercised 5,000 options, which expired, in the Company, corresponding to 5,000 shares at the strike price of NOK 11.58.
Roar Olbergsveen has exercised 20,000 options, which expired, in the Company, corresponding to 20,000 shares at the strike price of NOK 11.58.
3. Transfer of rights and sale of shares
On December 10th, 2019, the primary insiders mentioned below transferred their rights to receive shares resulting from the exercise of options to a third party.
Jason Hoida has transferred 30,000 rights.
Petter Lade has transferred 5,000 rights.
Roar Olbergsveen has transferred 20,000 rights.
When the participants receive the shares they will be subject to pay salary tax on the total value of the shares received. In order to cover the taxes, the employees must at minimum sell a predetermined rate of the shares set by Otello.
The sales amount will be finally determined on the basis of the price subsequently obtained by the third party when selling the shares in the market. The payment has been determined based on a selling price of NOK 16,4244 per share.
4. Purchase of share
On December 10, 2019 the primary insiders mentioned below entered into an agreement to use parts or all of the compensation mentioned in item 3 to purchase shares.
Jason Hoida purchased 1,421 shares at the price of NOK 16,4244.
Petter Lade purchased 1,423 shares at the price of NOK 16,4244.
5. New Holding
After completion of the abovementioned transactions, Jason Hoida holds 225,000 unexercised options in the Company. As of today, the primary insider holds 10,000 shares in the Company.
After completion of the abovementioned transactions, Petter Lade holds 285,000 unexercised options in the Company. As of today, the primary insider holds 64,656 shares in the Company.
After completion of the abovementioned transactions, Roar Olbergsveen holds 240,000 unexercised options in the Company. As of today, the primary insider holds 248 shares in the Company.
Petter Lade, CFO
Phone: +47 91143878
E-mail: petterl@otellocorp.com
About Otello: Otello holds shares in several different businesses, including (i) AdColony which helps publishers monetize their content through advertising and advertisers reach the audiences that build value for their businesses, capitalizing on a global consumer audience reach that exceeds 2 billion; (ii) Bemobi, a Mobile Media and Entertainment company which integrate people and mobile content through technology and offers a leading subscription-based discovery service for mobile apps in Latin America and beyond; (iii) Skyfire which offers cloud-based network solutions for mobile operators and (iv) Vewd which offers OTT services in the Connected TV space.