At Mowi ASA's (the "Company") annual general meeting ("AGM") on 1 June 2023 the
Board of Directors was authorised to grant options under the Share Option Scheme
to Senior Executives, as described in Mowi's guidelines for remuneration of
leading personnel (the "Guidelines"). On 14 June 2023 the Board of Directors
granted 1.615 million options at a strike price of NOK 206.0698, corresponding
to 107.5% of the volume weighted average share price on the Oslo Stock Exchange
at the date of the AGM, to a total of 34 individuals.
In accordance with the Guidelines, 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 Mowi, if a voluntary offer is followed-up with a forced transfer of shares in
accordance with the Norwegian Securities Trading Act or if Mowi is the non-
surviving entity in a merger with another company.
The exercise of 50% of the options awarded to an option holder is conditional on
achievement of performance criteria, measured in the development of the share
price of the Company's shares compared with those of peers ("Performance-based
Options"). The exercise of the remaining 50% of the options awarded to an option
holder is not conditional on achievement of such performance criteria ("Ordinary
Options").
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 and provisions in the option agreements.
Total profit through the exercise of Performance-based Options in a year is
capped at one year's salary for the option holder, and total profit through the
exercise of Ordinary Options in a year is capped at one year's salary for the
option holder. If the profit exceeds this limit, the number of shares to be
issued will be reduced accordingly.
The following primary insiders in the Company have been allocated options
according to the above, please see attached allocation details. The primary
insiders have the following number of shares and options, adjusted for dividends
paid, in the Company.
-------------------------------------------------------------------------------
Total number of Options granted Total options
Name shares owned in 2023 outstanding
-------------------------------------------------------------------------------
Ivan Vindheim
(CEO) 7,750 200,000 875,788
Kristian Ellingsen
(CFO) 1,090 100,000 371,188
Øyvind Oaland
(COO Farming Norway, Iceland) 5,478 100,000 399,142
Ben Hadfield
(COO Farming Scotland, Ireland,
Faroes and Canada East) 7,960 100,000 483,002
Fernando Villarroel
(COO Farming Americas) 5,502 100,000 399,907
Ola Brattvoll
(COO Sales & Marketing) 10,321 100,000 483,002
Atle Kvist
(COO Feed) 633 100,000 399,142
Catarina Martins
(CTO & Chief Sustainability
Officer) 2,535 25,000 132,900
Anne Lorgen Riise
(Chief HR Officer) 1,448 25,000 132,900
Kim Galtung Døsvig
(Investor Relations & Head of
Treasury) 1,226 25,000 132,900
Lars Tore Andersen
(Group Accounting Director) 1,226 15,000 15,000
-------------------------------------------------------------------------------
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.