April 24, 2014 – Asetek A/S' board of directors yesterday decided to issue warrants to key employees in the company and its subsidiaries. The board's decision is made in accordance with the shareholder authorization for the board adopted as Article 6.1 of the articles of association and the company’s general guidelines regarding incentive programs.
A total of 118,210 warrants have been issued for subscription of up to 118,210 shares of a nominal value of DKK 0.10 at an exercise price of NOK 40.10 per share. The exercise price is established as the share price (“closing price”) for the Company’s share as of yesterday. Prior to the issue of any shares under this program, Asetek A/S has 14,881,311 shares outstanding.
Warrants granted to employees in a Danish company are limited by and governed by the Danish Act on Options for Employees (the Stock Option Act/aktieoptionsloven) regarding termination of employment prior to exercise of warrants.
The warrants become exercisable gradually within a period of 1 to 4 years and the warrants will lapse 7 years after they have been subscribed.
Under this program the CEO in the Company will receive 24,750 warrants and the CFO of the Company will receive 10,313 warrants. Other senior management members will recieve a total of 39,147 warrants, and board members will receive a total of 44,000 warrants.
The award of warrants will incur consequential amendments to the articles of association.
Asetek is the world leading provider of energy efficient liquid cooling systems for data centers, servers, workstations, gaming and high performance PCs. Its products are used for reducing power and greenhouse emissions, lowering acoustic noise, and achieving maximum performance by leading OEMs and channel partners around the globe.
Asetek’s products are based upon its patented all-in-one liquid cooling technology with more than 1.5 million liquid cooling units deployed in the field. Founded in 2000, Asetek is headquartered in Denmark with offices in San Jose, California, China and Taiwan. For more information, visit http://www.asetek.com.
For further information, please contact:
Peter Dam Madsen, Chief Financial Officer
Mobile: +1 408 813 4147, e-mail: email@example.com