On September 20, 2021 The Board of Directors of Nordic Nanovector ASA ("Nordic Nanovector" or the "Company") reported that it has on 20 September 2021 decided to grant 350,000 Performance Share Units ("PSUs") to the Company’s new CEO and primary insider Mr. Erik Skullerud in accordance with the authorisation granted at the Annual General Meeting held on 28 April 2021 (the "AGM") (Press release, Nordic Nanovector, SEP 20, 2021, View Source;allocation-of-psus-301380251.html [SID1234588073]).
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The terms and conditions of the PSUs, which are part of the Company’s long-term incentive plan for employees, are described on pages 25-27 in the Company’s annual report for 2020.
The PSUs are granted without consideration. The PSUs are non-transferable and will vest three years after the date of grant subject to satisfaction of the applicable vesting conditions. Each vested PSU will give the holder the right to acquire one share in the Company at an exercise price corresponding to the par value of the shares being NOK 0.20.
In accordance with the resolution at the AGM, the PSUs are secured by a corresponding number of free-standing warrants. The sole purpose of the warrants is to ensure delivery of shares in the Company upon exercise of the PSUs. The warrants do not give the PSU holders (or the option holders) a right to subscribe for any additional shares in the Company.
Mr. Skullerud will hold 350,000 PSUs and 0 shares after the transaction.
The allocation of PSUs is in accordance with the Board of Director’s declaration on salaries and other remuneration to the senior executive management, as approved by the Company’s AGM.
Primary insider notification pursuant to the Market Abuse Regulation article 19 are attached.