Kitron issues shares, converts options under incentive program

Kitron announced the issuance of 485,698 new shares following the exercise of 925,000 options by participants in its share incentive program. The shares were subscribed at a strike price of NOK 0.10 per share. Additionally, 367,152 exercised options were converted into cash consideration at NOK 63.25 per option, intended to cover tax costs for option holders.

Several primary insiders participated in these transactions. Peter Nilsson, chief executive, subscribed for 110,116 shares and converted 97,334 options to cash. Cathrin Nylander, chief financial officer, subscribed for 36,000 shares and converted 33,150 options. Stian Haugen, chief technology officer, subscribed for 38,747 shares and converted 30,403 options. Kristoffer Asklöv, chief operating officer, subscribed for 47,960 shares and converted 44,240 options. Hans Petter Thomassen, vice president Nordics & North America, subscribed for 36,000 shares and converted 33,150 options. Mindaugas Sestokas, vice president Central Eastern Europe, and Zygimantas Dirse, vice president Asia, each subscribed for 47,022 shares and converted 22,128 options.

The newly issued shares are subject to three-year trading restrictions, with one-eighth vesting quarterly during the final two years. These actions align with Kitron's long-term incentive program.