Issuance of options

05.06.19 | Press releases

Reference is made to the minutes from the extraordinary general meeting in Element ASA (the "Company") held on 6 June 2018, in which the general meeting resolved an option program for employees, board members and consultants (equaling to approximately 5% of the total issued shares at that time). Reference is furthermore made to the statement ("Remuneration Policy") from the Board of Directors of the Company (the "Board") on salaries and other compensation for executive management, which was published earlier today, 5 June 2019.

As evident from said statement, the Board has offered 50,000 share options to each of the new CEO Geir Johansen and the consultant James Haft (through Pacific Alliance Limited LLC, a company controlled by James Haft) subject to approval by the annual general meeting of the option program for 2019. 

The options are granted free of charge, and gives the holder a right to acquire up 50,000 shares in the Company, each with a par value of NOK 1.60. The options are subject to vesting, whereby the options granted to Johansen vest monthly with 1/36 per month for 36 months following 28 June 2019 and the options granted to Haft vest monthly with 1/12 for 12 months following 28 June 2019.

The latest expiry date of the options granted to Johansen is 28 June 2023, while the latest expiry date for the options granted to Haft is 28 June 2024.

The exercise price of the options granted to Johansen and Haft shall be the lowest of the average volume weighted market price of the Company's shares on the Oslo Stock Exchange in a period of 10 trading days prior to (i) 5 June 2019, or (ii) 28 June 2019 (date of the annual general meeting 2019).

The options will otherwise on the same terms and conditions as set out in the Remuneration Policy.

Following this and subject to approval by the annual general meeting on 28 June 2019, Geir Johansen will hold the option to acquire 50,000 shares in the Company and James Haft will hold the option to acquire 50,000 shares in the Company.
This information is published in accordance with the Norwegian Securities Trading Act section 5-12 and 4-2.

For further information, please contact:

Geir Johansen
Chief Executive Officer
E-mail: gj@elementasa.com

Thomas Christensen
Chairman
E-mail: tc@procorp.no

ABOUT ELEMENT
Element is an innovative project investment company within the mineral sector, which continuously strives to create shareholder value at the lowest possible risk. The company has as strategy to identify undervalued projects, closing in on cash flow, where infrastructure and other basic work, if necessary, have in large, been completed. The company's special focus is linked to projects within new, and usually ground-breaking technology, within its niches.