The Board of Directors of Hexagon Composites ASA ("Hexagon Composites" or the "Company") has decided to provisionally award up to 70 000 Restricted Share Units ("RSUs") under a Long-Term Incentive Program (LTIP) to align the interests of the participating employees with those of the Company's shareholders.
The RSU allocation is in accordance with the Board of Director's compensation policy for the senior executive management. This policy is described in “Declaration to the Annual General Meeting of Hexagon Composites ASA concerning determination of Salary and other remuneration to the CEO and other Management”, which were approved at the Annual General Meeting on 22 April 2020 (the "AGM").
The RSUs are non-transferable and will vest on 28 July 2023 given that the participants are still rendering services to the company throughout the period from Grant date to Vesting date.
Each vested RSU will give the holder the right to receive one share in the Company at an exercise price corresponding to the par value of the shares being NOK 0.10.
The total number of outstanding options, RSUs and PSUs are now 1 200 000, 219 994 and 4 582 675, respectively.
Of the maximum 70 000 awarded RSUs, 7 000 RSUs has provisionally been awarded to primary insiders as listed below:
| Primary insider: | Title | Number of RSUs | Holding Options | Holding Shares |
| Salman Alam | Director of Finance | 7 000 |
For more information:
David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | david.bandele@hexagongroup.com
Karen Romer, SVP Communications, Hexagon Composites ASA
Telephone: +47 950 74 950 | karen.romer@hexagongroup.com
About Hexagon Composites ASA
Hexagon delivers safe and innovative solutions for a cleaner energy future. Our solutions enable storage, transportation, and conversion to clean energy in a wide range of mobility, industrial and consumer applications, including light-, medium- and heavy-duty vehicles, ground storage, distribution, marine, rail and backup power solutions.
Learn more at www.hexagongroup.com and follow @HexagonASA on Twitter and LinkedIn.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act