On 19 November 2018, a certain primary insider of Thin Film Electronics ASA, Kevin Barber (the new CEO from 26 November 2018), received 23,437,432 incentive subscription rights under the Company's 2018 Subscription Rights Incentive Plan. Mr. Barber was appointed new CEO of Thin Film Electronics ASA by the Board on the same date, and the grant is related to this appointment. 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 as CEO, 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 date Mr. Barber takes office, 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 Mr. 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 grant, Mr. Barber hold or control 38,437,432 subscription rights in Thin Film Electronics ASA, of which 15,000,000 subscription rights remain a conditional grant. Mr. Barber currently holds or controls no shares in Thin Film Electronics ASA.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.