FORNEBU, Norway, Feb. 21, 2003 (PRIMEZONE) -- Telenor ASA (Nasdaq:TELN) has granted share options to 110 managers and key personnel to subscribe for up to 2,850,000 shares.
One third of the options are vested each of the three years subsequent to the date of grant and are exercisable if the stock price at the time of exercise is higher than the average closing price at Oslo Stock Exchange five trading days prior to the date of grant, adjusted with 5.38% per year. The latest possible exercise date is seven years subsequent to the date of grant. The exercise price corresponds to the average closing price at Oslo Stock Exchange five trading days prior to the date of grant. The options may only be exercised four times a year, during a ten-day period after the publication of the company`s quarterly results.
At the exercise of options Telenor maintains the right to redeem options by paying an amount in cash corresponding to the difference between exercise quotation price and closing price on the day the notification reached the company.