The board of directors of Thin Film Electronics ASA resolved on 19 November 2018 to issue 23,437,432 incentive subscription rights to Kevin Barber, the new CEO of Thin Film Electronics ASA. The grant was made under the Company's 2018 incentive subscription rights plan as resolved at the annual general meeting on 4 May 2018. The exercise price of the subscription rights is NOK 0.83 per share. 25 per cent of the subscription rights vest on the date Mr. Barber takes office, while the remaining 75% will vest in equal parts on a quarterly basis over the following three (3) years; provided, however, that no quarterly vesting will occur until six (6) months after the commencement of employment, at which time one-sixth of such 75% will vest, and one-twelfth of such 75% will vest each quarter thereafter.
Moreover, a further 15,000,000 subscription rights were granted to Kevin Barber on the same terms as the foregoing grant; provided, however, that the exercise of such subscription rights remains subject to certain conditions occurring during a period of two (2) years from the date Kevin Barber takes office; otherwise they will lapse.
The subscription rights expire on 4 May 2023 (provided that the grant of 15 million subscription rights will lapse to the extent the conditions precedent for exercise have not occurred during a period of two (2) years from the date Kevin Barber takes office).
Following the grants there will be 96,187,432 subscription rights outstanding.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.