J. Molner AS (Nasdaq Tallinn: MOLNR) announces that it has entered into an option agreement with a non-management key employee. The agreement relates to his expanded responsibilities in launching the operations of the Company's wholly owned venture subsidiary Nordisk Element, incorporated in the State of Delaware, USA.
The option is granted outside of the Company's existing share option plan (adopted on 30 September 2022), and the key terms are as follows:
- Underlying asset: ordinary shares of J.Molner AS (ISIN EE3100109034)
- Option size: equivalent to 5% of the value of Nordisk Element (based on 2028 EBITDA), divided by the market price of J.Molner AS shares on the 4th anniversary of the agreement date
- Vesting period: 4 years; 25% of the shares vest after 1 year, the remaining shares vest monthly over the following 3 years
- Exercise price: EUR 22.00 per share
- Exercise period: from year 4 up to 10 years from the grant date
The agreement includes customary terms regarding termination and provides the Company with a call option to repurchase shares in specific circumstances.
This grant aligns key employee's incentives with the long-term success of Nordisk Element and reinforces his commitment to J.Molner AS.