START DATE FOR NEW CEO AND OPTIONS TO KEY EMPLOYEES
Start date for new CEO
Reference to the announcement on 28 November 2017, in which the company announced the appointment of Jens Haviken as new CEO of Techstep ASA (the “Company” or “Techstep”). Jens Haviken will assume the position on 1 April 2018. The current CEO, Gaute Engbakk, will have his final day in the Company on 31 March 2018.
The Board of Directors of Techstep has resolved to grant five million share options to CEO Jens Haviken, subject to the approval of the annual general meeting of Techstep. The options will vest in three equal tranches over a three-year period starting on 1 March 2019, with 1/3 vesting on 1 March 2019, and 1/3 on each subsequent anniversary date thereafter, at a strike price of NOK 4.50, 5.00 and 5.50, respectively. The share options are exercisable from the date of vesting and until 15 April 2021. Jens Haviken does not own any shares or rights to shares in Techstep prior to the grant of options.
Options to key employees
The Board of Directors of Techstep has resolved to issue new share options to key employees in accordance with the power of attorney to issue new shares to employees under the Company’s long-term incentive program given by the annual general meeting held on 27 April 2017. The total number of options issued is 2.2 million to be distributed among key employees other than employees comprised by the executive management team or primary insiders. Each option, when exercised, will give the right to acquire one share in the Company. The options will vest in three equal tranches over a three-year period starting on 1 March 2019, with 1/3 vesting on 1 March 2019, and 1/3 on each subsequent anniversary date thereafter, at a strike price of NOK 4.50, 5.00 and 5.50, respectively. The share options are exercisable from the date of vesting and until 15 April 2021.
Following issuance of the additional share options to key employees and to the CEO, which is expected to be immediately following the annual general meeting, the Company will have issued in total 13.2 million share options, equivalent to 8.3% of the number of shares fully diluted (including 1,914 treasury shares) in Techstep. This information is subject to the disclosure requirements pursuant to sections 4-2 and 5-12 of the Norwegian Securities Trading Act.
Contacts:
Gaute Engbakk, CEO, Techstep ASA: +47 916 33 281
Marius Drefvelin, CFO of Techstep: +47 958 95 690
About Techstep ASA
Techstep is positioning itself as a leading Nordic enabler of the digital workplace. Techstep’s “Mobile as a Service” (MaaS) offering is a one-stop-shop solution, which combines hardware, subscription & connectivity, mobile device management, managed services and related software, in addition to financing. The MaaS solution enables enterprises to let employees do their work across mobile devices and locations, with a high degree of security and operational stability. Techstep has approximately 220 employees based in Norway and Sweden, serving close to 6,000 customers and 620,000 end users across various industries in the private and public sectors. The company is listed on the Oslo Stock Exchange. For more information, please visit http://techstepasa.no/. This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.