Norcod launches new long-term incentive program for management

Norcod AS has approved a new long-term incentive program (LTIP) for its executive management, designed to align their interests with those of shareholders. Under the program, management can purchase up to 150,000 ordinary shares at a strike price of NOK 12.5 per share, totaling NOK 1,875,000.

Key primary insiders, including chief product officer Arve Lervag, chief executive Christian Riber, and chief financial officer Stian Vollan-Hansen, have each been awarded 150,000 share options. These options vest in three tranches: 50,000 shares on December 31, 2025; 50,000 shares on December 31, 2026; and 50,000 shares on December 31, 2027. Vested options can be exercised between January 1, 2028, and April 30, 2028, after which they will lapse if unexercised. Following these awards, Norcod will have 450,000 outstanding options.

Additionally, 38,800 shares from Norcod's treasury were transferred to Christian Riber as partial settlement of a previous incentive agreement. This transfer was reported on October 13, 2025.