Electronics Production | October 22, 2007
Kitron HR director and Vice President granted bonus
Mr. Bengt Enbom HR director and Corporate vice president at Kitron has been granted bonus related to Kitron’s share price development. The underlying number of shares is 75,000.
Mr. Bengt Enbom was granted 75,000 bonus units (BU) under Kitron’s bonus programme. This grant represents his holding of this type of bonus. Mr. Enbom holds no shares or other rights to shares in Kitron ASA. The programme was resolved by the board of directors on 22 March 2007. The bonus gives the recipient an amount equal to any price increase of the underlying shares in a given period. No shares or options are issued.The grant is split in three tranches of equal size. One tranche of the grant will have a base price equal to the average of closing share prices 9-15 February 2007, NOK 5.02. Any gain for this tranche is calculated as share price increase up to a period of five trading days starting when the interim report for the fourth quarter 2007 is presented in 2008. The base price for the second tranche will be fixed in 2008, and any share price increase is calculated correspondingly in 2009. The base price for the third tranche will be fixed in 2009, and any gain will be calculated in 2010. Any payment will take place at the time the share price increase for the year is calculated, and such payment is conditional upon the recipient remaining employed in the company in a position which is included in the programme. Any gain from the programme is limited to 0.5 times base salary.
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