The Annual General Meeting of Thin Film Electronics ASA (the Company) resolved on 28 May 2019 an exchange offer program whereby continuing employees and consultants holding incentive subscription rights (“Eligible Holders”) under the Company’s 2015, 2016, 2017 and/or 2018 subscription rights programs (the “Former Plans”) would be entitled to exchange such subscription rights for new subscription rights to be granted under the Company’s 2019 subscription right plan. Having been given the opportunity to participate in the exchange program, Eligible Holders holding a total of 37,287,432 subscription rights under the Former Plans have notified the Company that they wish to participate in the exchange program, whereupon such Eligible Holders explicitly waive any right to claim shares under Former Plans. As a result, the Board of Directors of the Company resolved on 25 September 2019 to grant a total of 37,287,432 incentive subscription rights to nineteen Eligible Holders. The grants were made under the Company’s 2019 Subscription Rights Incentive Plan as resolved at the Annual General Meeting on 28 May 2019.
The exercise price of the subscription rights is NOK 0.2335 per share.
The new subscription rights will vest and become exercisable as follows: 33.3% of the shares subject to the new subscription rights will be vested on the grant date, and the remaining 66.7% will vest in approximately equal quarterly installments over the next 3 years, with approximately 5.55% vesting each quarter on each October 15, January 15, April 15 and July 15 thereafter, subject to the Eligible Holder’s continued employment or service with the Company or its subsidiaries on each such date. The subscription rights expire on 28 May 2024.
Following the cancellations and subsequent grants there are 115,376,182 SRs outstanding in Thinfilm.
26 September 2019
Thin Film Electronics ASA
This information is subject of the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.