Oslo, October 6, 2016: In line with the terms adopted by the annual general meeting of Scatec Solar ASA on May 4, 2016, the Board of Directors has established an option program for leading employees of the company. The option program replaces the restricted share incentive program that was established prior to the Scatec Solar IPO two years ago and that expired October 3, 2016.
Yesterday a total of 757,009 of options were granted to leading employees, including the following primary insiders: CEO Raymond Carlsen 116,326, CFO Mikkel Tørud 89,529, EVP Terje Pilskog 77,938, EVP Torstein Berntsen 73,908, EVP Roar Haugland 67,261, and EVP Snorre Valdimarsson 67,261.
Each share option gives the right to subscribe for and be allotted one share in Scatec Solar ASA. The strike price of the options is set to NOK 29.57 per share based on the volume weighted average share price over the last 10 trading days preceding the grant date of October 5, 2016. The options will lapse if not exercised by 1 January 2022. The option grant is divided into three tranches whereby 1/3 vests each year over three years, with the first tranch vesting January 1, 2018. The current grant is the first of three contemplated annual grants of options in accordance with the Scatec Solar share based incentive program.
About Scatec Solar
Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable source of clean energy worldwide. A long term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants, and already has an installation track record of close to 600 MW.
The company is producing electricity from 426 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras, Jordan and the United States.
With an established global presence, the company is growing briskly with a project backlog and pipeline of close to 1.5 GW under development in the Americas, Africa, Asia and the Middle East. Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SSO’.