October 8, 2013 – Asetek A/S' board of directors has today 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 670,728 warrants have been issued for subscription of up to 670,728 shares of a nominal value of DKK 0.10 at an exercise price of NOK 36.50 per share. The exercise price is established as the share price (“closing price”) for the Company’s share as of today. 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. Warrants granted to employees in the Chinese subsidiary cannot be subscribed until all necessary approvals, etc. are available in China.
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 a total of 96,167 warrants, other members of executive management a total of 37,800 warrants and other board members and employees in the Company and its subsidiaries, a total of 536,761 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 1.4 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.