Norsk Titanium AS: Grant of RSUs and Performance shares under LTIP and exercise of RSUs and share capital increase
2024-01-17 20:53:39
Oslo, Norway, 17 January 2024: Reference is made to the stock exchange
announcement on 14 December 2021 where Norsk Titanium AS ("Norsk Titanium" or
the "Company") announced that the general meeting of the Company had resolved to
implement a long term incentive program (the "LTIP"). In connection with the
LTIP, the board of directors was authorised to administrate the LTIP and to
increase the Company's share capital in order to execute the LTIP.
Participants in the Company's LTIP have on 17 January 2024 exercised a total of
864,606 Restricted Share Units ("RSU's").
Each RSU gives a right to acquire one share in the Company at a subscription
price equal to the nominal value of the shares, being NOK 0.08. The RSUs are
described in note 4.7 in Norsk Titanium's annual financial statements for 2022.
The Company has resolved to settle 211,368 RSUs with cash consideration to allow
the beneficiaries to settle taxes. The remaining 653,238 RSUs exercised will be
settled by issuance of new shares in the Company.
Following the exercise, the Board of Directors, pursuant to authorisation
granted by the Company's Annual General Meeting, has decided to increase the
Company's share capital by NOK 52,259.04 by issuing 653,238new shares, of par
value NOK 0.08. Subsequent to the transaction, Norsk Titanium's share capital
will be NOK 21,653,711.36 divided into 270,671,392 shares, each share having a
par value of NOK 0.0.8 and carrying one vote in the Company's general meeting.
The following RSUs are exercised by primary insiders:
o 42,831 RSUs are exercised by primary insider of the Company Carl Johnson,
Chief Executive Officer and President
o 32,570 RSUs are exercised by primary insider of the Company Ashar Ashary,
Chief Financial Officer
o 37,194 RSUs are exercised by primary insider of the Company Gail Balcerzak,
Chief Legal and People Officer
o 48,371 RSUs are exercised by primary insider of the Company Nicholas Mayer,
Vice President, Commercial
o 16,848 RSUs are exercised by primary insider of the Company Odd Terje Lium,
Vice President, Engineering
o 21,747 RSUs are exercised by primary insider of the Company Steve Eaton, Vice
President, Operations
o 41,674 RSUs are exercised by primary insider of the Company Khazeem Adesokan,
Vice President, Quality
o 8,101 RSUs are exercised by primary insider of the Company Anne Lene Gullen
Bråten, Director Finance
In addition, according to the authorisation the board of directors resolved to
make a new total grant of 2,568,197RSUs in accordance with the LTIP. The total
number of RSUs granted by the board of directors equals 0.95% of total shares
issued in the Company.
The granted RSUs are subject to a time-based vesting. Of the total granted, 100%
will vest rateably on each of the first three anniversaries of the grant date.
RSUs are automatically exercised at vesting with an exercise price corresponding
to the par value of the shares being NOK 0.08.
Of the total grant the following was granted to primary insiders:
o Carl Johnson was granted 235,422 RSUs
o Ashar A. Ashary was granted 170,725RSUs
o Gail A. Balcerzak was granted 184,546 RSUs
o Nicholas Mayer was granted 160,925 RSUs
o Odd Terje Lium was granted 121,757 RSUs
o Stephen Eaton was granted 147,251 RSUs
o Khazeem Adesokan was granted 132,027 RSUs
o Anne Lene Gullen Bråten was granted 47,045 RSUs
Primary insider notifications pursuant to the market abuse regulation article 19
are attached.
For more information, please contact:
John Andersen, Chairman of Norsk Titanium AS
Email: John.Andersen@scatec.no
Tel: +47 90 17 40 80
Carl Johnson, President and CEO of Norsk Titanium
Email: Carl.Johnson@norsktitanium.com
Tel: +1 518 324 4010
Ashar Ashary, CFO Norsk Titanium AS
Email: Ashar.Ashary@norsktitanium.com
Tel: +1 518 556 8966
About Norsk Titanium:
Norsk Titanium is a global leader in metal 3D printing, innovating the future of
metal manufacturing by enabling a paradigm shift to a clean and sustainable
manufacturing process. With its proprietary Rapid Plasma Deposition® (RPD®)
technology and 700 MT of production capacity, Norsk Titanium offers
cost-efficient 3D printing of value-added metal parts to a large addressable
market. RPD® technology uses significantly less raw material, energy, and time
than traditional energy-intensive forming methods, presenting customers with an
opportunity to better manage input costs, logistics, and environmental impact.
RPD® printed parts are already flying on commercial aircraft, and Norsk Titanium
has gained significant traction with large defense and industrial customers. For
the latest news, go to www.norsktitanium.com or follow us on LinkedIn.
This information is subject to the disclosure requirements pursuant to the
market abuse regulation article 19 and 5-12 of the Norwegian Securities Trading
Act.