Marine Harvest ASA: MHG - SHARE OPTION SCHEME FOR SENIOR EXECUTIVES -
ALLOCATION OF OPTIONS 2014
Reference is made to the 2014 annual general meeting's approval of issuing
1.5m options under the Share Option Scheme for Senior Executives (scheme) with
a strike price corresponding to 107.5% of the volume weighted average share
price on OSE the day of the AGM, being NOK 81,722.On 23 June 2014, the Board
of Directors resolved the allocation of the options to a total of 18
The scheme is based on annual allocations of a number of European call options
with a strike price of 107.5 per cent of the volume weighted average share
price of Marine Harvest's shares on OSE on the date of the annual general
meeting where the issuance of options are approved . The options have a term
of 4 years but will become exercisable immediately if a mandatory bid is made
for all of the shares in Marine Harvest or if Marine Harvest is the
non-surviving entity in a merger with another company.
If the holder of the options exercises the options, the company may settle its
obligation through the issue of new shares or, alternatively, by selling
treasury shares to the option holder. There will be no lock-up obligation on
the shares the option holder receives through the exercise of the option.
The exercise of the option is conditional upon the option holder being
employed in a non-terminated position in the Marine Harvest Group at the date
The number of shares and the strike price will be adjusted for dividends and
changes in the equity capital during the term of the option according to the
Oslo Stock Exchange's derivative rules. Total profit through the exercise of
the option in a year is kept at two years' salary for the option holder. If
the profit exceeds this limit, the number of shares to be issued will be
reduced accordingly. The scheme assumes that the board will propose an
allocation of options to the annual general meeting each year.
The following primary insiders in the company have been allocated options
according to the above and have, following this and adjustments for dividends
paid, the following number of shares and options in the company:
Total number of Options granted Options granted Options granted
shares owned in 2012 in 2013 in 2014
(CEO) 138,434 564,068 564,068 535,201
(CFO) 524 112,814 112,814 107,040
Farming) 47,677 112,814 112,814 107,040
(COO S&M) 9,095 112,814 112,814 107,040
FEED) 6,734 - 45,125 107,040
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: Marine Harvest ASA via Globenewswire
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