SalMar - 2018 share-based incentive scheme for senior executives and key personnel

In accordance with the authorisation granted by the AGM on 5 June 2018, the board of directors of SalMar ASA has decided to establish a share-based incentive scheme (Restricted Share Unit Plan) for senior executives and key personnel employed by the company and its subsidiaries. The scheme encompasses up to 129 467 shares and has a duration of three years. The company's liability with respect to the scheme will be met through existing holdings of treasury shares. As of 21 January 2019, SalMar ASA holds 561 003 treasury shares.

The purpose of the share-based incentive scheme (RSUP) is to encourage employees to maintain a deep, long-term engagement in the company, through a further alignment of the employees' interests with those of other shareholders. Under the RSUP, participating individuals will be awarded shares to motivate them to contribute to the continued success and profitability of the company, as well as deliver outstanding results. The RSUP will also enhance SalMar's ability to attract and retain staff.

Under the RSUP, participants will receive, free of charge, Restricted Share Units (RSUs), which, if certain predefined performance criteria are met within an accrual period, will be released and transferred to them as shares. The RSUP comprises three accrual periods of one, two and three calendar years respectively, with 2018 being the first year. Each accrual period encompasses 1/3 of the total number of RSUs included in the scheme. One RSU gives a contingent entitlement to one share.

The following criteria determine the award of RSUs during each of the three accrual periods:
- Award of 1/3 of the RSUs is independent of any performance criteria
- Award of 1/3 of the RSUs depends on SalMar achieving a certain EBIT/kg more than other aquaculture companies listed on the Oslo Stock Exchange during the accrual period
- Award of 1/3 of the RSUs depends on SalMar's shares achieving a higher total shareholder return (TSR) than a defined group of comparable companies during the accrual period.

Accrual of RSUs under the scheme presumes that the individual is an employee of SalMar or a participating subsidiary. The total gain from released RSUs during one calendar year shall not exceed 100 per cent of the participant's basic salary. Under the scheme's rules, the number of RSUs will be adjusted in the event of a dividend payout in order to preserve, but not increase, the value of the RSU allocation.

The RSUP goes into effect on 21 January 2019 and encompasses senior executives and key personnel at SalMar and its subsidiaries.

Restricted share units granted primary insiders 21 January 2019:

Frode Arntsen has received 2 377 RSUs in the Company
Geir Berg has received 826 RSUs in the Company
Olav Andreas Ervik has received 3 479 RSUs in the Company
Roger Bekken has received 2 435 RSUs in the Company
Runar Sivertsen has received 985 RSUs in the Company
Tonette Bjørgård has received 1 426 RSUs in the Company
Ulrik Steinvik has received 2 092 RSUs in the Company 

New holdings:

After completion of the abovementioned grant Frode Arntsen holds 5 171 RSUs in the Company. As of today the primary insider holds 736 shares in the Company.

After completion of the abovementioned grant Geir Berg holds 2 371 RSUs in the Company. As of today the primary insider holds 0 shares in the Company.

After completion of the abovementioned grant Olav Andreas Ervik holds 8 303 RSUs in the Company. As of today the primary insider holds 12 217 shares in the Company.

After completion of the abovementioned grant Roger Bekken holds 5 709 RSUs in the Company. As of today the primary insider holds 3 715 shares in the Company.

After completion of the abovementioned grant Runar Sivertsen holds 2 492 RSUs in the Company. As of today the primary insider holds 1 024 shares in the Company.

After completion of the abovementioned grant Tonette Bjørgård holds 4 090 RSUs in the Company. As of today the primary insider holds 4 000 shares in the Company.

After completion of the abovementioned grant Ulrik Steinvik holds 5 996 RSUs in the Company. As of today the primary insider holds 13 882 shares in the Company.

 

For more information, please contact:
CFO Trond Tuvstein,
Tel: + 47 918 53 139
Email: [email protected]
Website: www.salmar.no

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

---