Kitron ASA issues this notice on behalf of primary insiders who in 2007 were granted bonus related to Kitron's share price development. The programme was resolved by the board of directors on 22 March 2007. The bonus gives the participant an amount equal to any price increase of a number of underlying shares (Bonus Units, BU) in a given period. No shares or options are issued. The notice also includes information about the corresponding bonus programme that was granted to other employees in 2007.
In 2007 the company granted a total of 2,475,000 Bus, of which primary insiders received 1,540,000 BUs.
The grant was split in three tranches of equal size, where base price for the først tranche was set in February 2007, base price for the second tranche is set now and base price for the third tranche shall be set in February 2009. Any gain from the programme shall be calculated and paid in February 2008, February 2009 and
February 2010 respectively.
The first tranche of the grant with a base price equal to the average of closing share prices 9-15 February 2007 had no price increase and consequently did not result in any payment. The second tranche of the grant with a base price equal to the average of closing share prices 11-15 February 2008, equal to NOK 3.12. Any gain from this tranche shall be calculated as share price increase up to the period of five trading days from the interim report for the fourth quarter 2008 is presented in 2009. The base price for the third and last tranche will be fixed in February 2009, and any share price increase shall be calculated correspondingly in 2010. Any payment is conditional upon the recipient remaining employed in the company in a position that is included in the programme. Any gain from the programme is included in the annual limit of total bonus amounting to 1.25 times base salary for the President and CEO, 1.00 times base salary for the vice presidents. For the remaining participants any gain from the programme is limited to 0.50 times base salary.
The following participants are primary insiders:
Jørgen Bredesen, CEO of the Kitron group: 500 000 BUs. The grant to Mr. Bredesen is not allocated over three years. Mr. Bredesen holds 150,000 shares but zero other rights to shares in Kitron ASA.
Henning Dahlen, Finance manager of the Kitron group: 40,000 BUs. Mr. Dahlen holds 17,532 shares but zero other rights to shares in Kitron ASA.
Gard Eliassen, Managing director of the subsidiary Kitron Sourcing AS: 100,000 BUs. Mr. Eliassen holds zero shares or other rights to shares in Kitron ASA.
Bengt Enbom, HR director of the Kitron group: 75,000 BE. Mr. Enbom holds zero shares or other rights to shares in Kitron ASA.
Jan Liholt, Managing director of the subsidiary Kitron AB in Sweden: 100,000 BUs. Mr. Liholt holds 87,660 shares but zero other rights to shares in Kitron ASA.
Johannes Lind, General manager Kitron Sweden: 100,000 BE. Mr. Lind holds zero shares or other rights to shares in Kitron ASA.
Almante Medziausiene, Managing director of the subsidiary UAB Kitron in Lithuania: 120,000 BUs. Mrs. Medziausiene holds zero shares or other rights to shares in Kitron ASA.
Jan Sigvartsen, Managing director of the subsidiary Kitron AS in Arendal: 150,000 BUs. Mr. Sigvartsen holds zero shares or other rights to shares in Kitron ASA.
Leif Tore Smedås, Managing director of the subsidiary Kitron Microelectronics AS in Røros: 120,000 BUs. Mr. Smedås holds 52,952 shares but zero other rights to shares in Kitron ASA.
Erling Svela, CFO in Kitron ASA: 235,000 BUs. Mr. Svela holds zero shares or other rights to shares in Kitron ASA.
18 February 2008
Kitron ASA
For further information, please contact:
Jørgen Bredesen, CEO of Kitron ASA, phone: (+47) 4825 2584, or e-mail: jorgen.bredesen@kitron.com
Erling Svela, CFO of Kitron ASA, phone: (+47) 4062 1040, or e-mail: erling.svela@kitron.com
Kitron is one of Scandinavia's leading companies in development, industrialisation and manufacturing of electronics for the Data/Telecom, Defence/Marine, Medical equipment and industrial sectors. The company is located in Norway, Sweden and Lithuania. Kitron had a revenue of about NOK 1.9 billion in 2007 and has about 1,300 employees. See also www.kitron.com.