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Borregaard ASA: Reporting of transactions in Borregaard ASA's shares made by person discharging managerial responsibilities

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27.02.24: Borregaard ASA ("Borregaard", OSE ticker: BRG)

Borregaard's Board of Directors has issued share options in accordance with the proxy given by the Annual General Meeting held on 18 April 2023. The total number of options issued is 371,000.

The options will expire after five years (27 February 2029) and may be exercised in the last two years. The strike price of the options is NOK 199.10. It is based on the volume weighted average share price (VWAP) during the first three trading days after the announcement of the 4th quarter 2023 results with an addition of 10%. The strike price will be adjusted for dividend and other equity transactions. The maximum annual gain is limited to twice the annual base salary for the Chief Executive Officer, and the equivalent to the annual base salary for the other option holders. At least 50% of the proceeds after tax must be used to purchase shares in the company, and the purchased shares will be locked for a period of three years. The members of the executive management are expected to acquire shares until their shareholdings equal their annual base salary, and twice the base salary for the Chief Executive Officer.

The primary insiders granted stock options today have the following holdings of options and shares in Borregaard after the new share options were issued (new options in parenthesis):

Per A. Sørlie holds 165,000 options (55,000) and owns 165,351 shares
Per Bjarne Lyngstad holds 62,000 (14,000) and owns 61,954 shares
Tom Erik Foss-Jacobsen holds 78,000 options (18,000) and owns 30,773 shares
Sveinung Heggen holds 49,500 options (12,000) and owns together with related parties 26,362 shares
Ole Gunnar Jakobsen holds 62,000 options (14,000) and owns 33,521 shares
Gisle Løhre Johansen holds 42,000 options (14,000) and owns 21,974 shares
Kristin Misund holds 49,500 options (12,000) and owns 70,223 shares
Liv Longva holds 49,500 options (12,000) and owns 12,437 shares
Knut-Harald Bakke holds 18,000 options (8,000) and owns 1,453 shares
Dag Arthur Aasbø holds 49,500 options (12,000) and owns 56,254 shares

Please, see attached notifications for persons discharging managerial responsibilities in Borregaard in accordance with Regulation EU 596/2014 (MAR) article 19.

The total number of outstanding share options is now 1,312,000, equivalent to 1.31% of the number of shares (including 427,384 treasury shares) in Borregaard.

Contacts:
Chief Financial Officer, Per Bjarne Lyngstad, mobile +47 952 44 515
Senior Vice President Organisation and Public Affairs, Dag Arthur Aasbø, mobile +47 918 34 108

This information is subject to the disclosure requirements pursuant to Section 3-1 of the Norwegian Securities Trading Act, cf. Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) Article 19.


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