NORBIT Increases Share Capital Through Employee Incentives
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NORBIT ASA Implements Share Capital Increase for Employee Incentives
Trondheim: NORBIT ASA (the ‘Company’) has announced significant developments regarding its employee incentive programs previously approved by the Board of Directors. This follows a stock exchange notice from July 2022 regarding share purchase programs for eligible employees within the NORBIT group.
Details of the Employee Share Matching Program
The share matching program allowed employees to purchase shares at market value. Upon meeting certain predefined conditions after 24 months, these employees will receive additional shares equivalent to their initial invested amounts. This initiative highlights the company's commitment to aligning employee interests with shareholder value.
Recently, the Board of Directors has resolved to award shares to those eligible employees who participated in the matching program initiated in 2022. This aligns with NORBIT's ongoing efforts to reinforce its corporate culture and encourage long-term investment from employees.
Share Capital Increase Resolution
As part of this program, the Board has decided to increase the Company’s share capital by NOK 9,083.40 through the issuance of 90,834 new shares, each with a par value of NOK 0.10. This increase is based on the authorization granted during the Company’s general meeting.
Upon registration of this capital increase with the Norwegian Register of Business Enterprises, NORBIT’s total share capital will reach NOK 6,361,459.70, divided into 63,614,597 shares, each maintaining a par value of NOK 0.10.
Tax Liability Management for Primary Insiders
In a strategic move to manage tax liabilities associated with the matching program, several primary insiders have agreed to sell a portion of their awarded shares back to the Company. The Company will purchase a total of 7,102 shares at a price of NOK 77.4336 per share. This proactive approach ensures compliance with tax obligations while managing insider holdings effectively.
Current Share Holdings by Primary Insiders
Post these transactions, the following primary insiders alongside their associated parties will hold the designated number of shares in the Company:
- Per Kristian Reppe, Group Chief Financial Officer: 85,430 shares
- Peter Eriksen, Business Unit Director Oceans: 847,144 shares
- Asbjørn Dahl, Commercial Director Connectivity & PIR: 13,362 shares
For further inquiries regarding shares subscribed or awarded to primary insiders, refer to the attached documentation provided by the Company.
Contact Information
For more information, please contact:
Per Jørgen Weisethaunet, CEO, +47 959 62 915
Per Kristian Reppe, CFO, +47 900 33 203
About NORBIT ASA
NORBIT operates as a global leader in providing tailored technology to address specific applications, focusing on addressing challenges and advancing sustainability through innovative solutions. The company is organized into three key business segments: Oceans, Connectivity, and Product Innovation & Realization. The Oceans segment is dedicated to delivering tailored technological solutions for global maritime markets. The Connectivity segment specializes in wireless solutions for identification, monitoring, and tracking purposes. Finally, the Product Innovation & Realization segment offers research and development services, proprietary products, and contract manufacturing to key customers. Headquartered in Trondheim, NORBIT manages manufacturing facilities in Europe and North America, employs around 500 staff, and boasts an extensive worldwide sales and distribution platform.
Frequently Asked Questions
1. What is the purpose of the share matching program at NORBIT ASA?
The share matching program allows employees to purchase shares and potentially receive additional shares as compensation if certain conditions are met after 24 months, promoting long-term investment and engagement.
2. How much has NORBIT ASA increased its share capital?
NORBIT ASA has increased its share capital by NOK 9,083.40 through the issuance of 90,834 new shares, each with a par value of NOK 0.10.
3. What happens after the share capital increase is registered?
Upon registration, the total share capital of NORBIT will reach NOK 6,361,459.70 divided into 63,614,597 shares.
4. How is NORBIT managing tax liabilities for its primary insiders?
NORBIT will purchase a portion of the shares awarded under the matching program to help cover tax liabilities, amounting to 7,102 shares at NOK 77.4336 each.
5. What are the main business segments of NORBIT ASA?
NORBIT ASA operates in three segments: Oceans, Connectivity, and Product Innovation & Realization, focusing on delivering tailored technology solutions across various applications and markets.
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