The Board of Directors of Veidekke ASA ("Company") has approved a long-term share option programme (LTIP) aimed to align the interests of the participating employees with those of the Company's shareholders.
The programme is discretionary, and the intention is that the participants are invited on an annual basis. The total number of options awarded is 1,125,000 where each option will give the holder the right to acquire one Veidekke share. A total of 1,125 Veidekke employees have been invited to participate in the programme.
To participate the participants must pay 1 NOK per option.
The strike price of the options is calculated based on the volume weighted average share price five trading days prior to grant date. The strike price for the options awarded on 16 May 2019 is NOK 86.05.
The options will vest over one (25% of the options), two (25% of the options) and three (50% of the options) years from grant. All unexercised options will lapse four years after grant.
The options are non-tradable and conditional upon the option holder being employed by the Company and not having resigned prior to the vesting date.
Exercise periods will be set by the Company.
Shares acquired through the programme will have a sales restriction on one year after exercise.
The following primary insiders of the Company have been awarded options under the LTIP 2019:
Group CEO Arne Giske
Options awarded: 1,000
Shares held: 153,215
Executive Vice President, CFO Terje Larsen
Options awarded: 1,000
Shares held: 110,575
Executive Vice President Jimmy Bengtson
Options awarded: 1,000
Shares held: 49,240
Executive Vice President Catharina Bjerke
Options awarded: 1,000
Shares held: 5,585
Director Kristoffer Eide Hoen
Options awarded: 1,000
Shares held: 12,285
Executive Vice President Øivind Larsen
Options awarded: 1,000
Shares held: 7,100
Executive Vice President Lars Erik Lund
Options awarded: 1,000
Shares held: 14,310
Executive Vice President Jørgen Wiese Porsmyr
Options awarded: 1,000
Shares held: 109,310
Senior Vice President Controlling & Accounting Siv Hege Solheim
Options awarded: 1,000
Shares held: 8,115
Executive Vice President Hans Olav Sørlie
Options awarded: 1,000
Shares held: 70,090
Acting Executive Vice President Anne Thorbjørnsen
Options awarded: 1,000
Shares held: 28,855
Business developer Martin Gadd
Options awarded: 1,000
Shares held: 8,980
Employee elected board member Arve Fludal
Options awarded: 1,000
Shares held: 8,040
For further information, please contact: Jørgen G. Michelet, Head of Investor Relations, +47 917 43 856, jorgen.michelet@veidekke.no
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
Veidekke is one of Scandinavia's largest construction and property development companies. The company undertakes all types of building construction and civil engineering contracts, develops residential projects, maintains roads, and produces asphalt and aggregates. The company is known for its involvement and local knowledge. Its annual turnover is NOK 36 billion, and half of its 8,600 employees own shares in the company. Veidekke is listed on the Oslo Stock Exchange and has always posted a profit since it was founded in 1936.