Kitron - Introduction of new share option program and allocation of options

(2015-12-18) In accordance with the Board of Director's Declaration on salaries and other remuneration to the senior executive management, as approved by Kitron ASA's ("Kitron") annual general meeting held 21 April 2015, the Board of Kitron is authorized to introduce a new share option program for management employees in Kitron comprising up to 5 500 000 shares running for three years from the start of the second calendar quarter of 2016...

(2015-12-18) In accordance with the Board of Director's Declaration on salaries and other remuneration to the senior executive management, as approved by Kitron ASA's ("Kitron") annual general meeting held 21 April 2015, the Board of Kitron is authorized to introduce a new share option program for management employees in Kitron comprising up to 5 500 000 shares running for three years from the start of the second calendar quarter of 2016.

On 18 December 2015, the Board decided to allocate 3,000,000 options under the new share option program as follows:

Name	Position	No. of options allocated
Peter Nilsson	CEO	1 000 000
Cathrin Nylander	CFO	350 000
Israel Losada Salvador	COO	350 000
Thomas Löfgren	MD	300 000
Mindaugas Sestokas	MD	300 000
Hans Petter Thomassen	MD	300 000
Zygimantas Dirse	GM	150 000
Tommy P Storstein	Sales Dir	250 000
Allocated		3 000 000
Non-allocated		2 500 000

Each option entitles the holder to subscribe one share in Kitron. The options are allocated without consideration and with a strike price at NOK 0.10. The options have a vesting period of three years with full vesting at the end of the vesting period, provided that the following conditions are fulfilled:

• Each manager must remain an employee of Kitron or an affiliated company at the end of the vesting period.
• The market cap of Kitron must have increased in the vesting period, being the period between [date] and [date].
• When determining the development in Kitron's stock market price, the volume weighted average quotation on Oslo Børs in the three months prior to 1 July 2016 (the "Initial Reference Price") shall be compared with the volume weighted average quotation on Oslo Børs in the three months period commencing two months prior to and ending one month after expiry of the vesting period (the "Final Reference Price").
• If the Final Reference Price is the same or lower than the Initial Reference Price, no share options shall vest.
• If the Final Reference Price is 100% or more than the Initial Reference Price, all options shall vest.
• If the Final Reference Price implies an increase in the stock market price of between 0 % and 100% compared to the Initial Reference Price, the options shall vest linearly.

The options shall be adjusted in case of certain amendments to the Kitron's share capital. The options shall regardless of the vesting period be vested if a public offer is made for the shares in the Company and the number of shares vesting will depend on the offer price.

After the allocation of options the mentioned persons have, together with related parties, the following holding of shares and rights to shares in the Company:

Name	Position	No. of options held	No. of shares held
Peter Nilsson	CEO	2 776 000	175 000
Cathrin Nylander	CFO	1 061 000	95 000
Israel Losada Salvador	COO	1061 000	40 000
Thomas Löfgren	MD	892 000	0
Mindaugas Sestokas	MD	892 000	0
Hans Petter Thomassen	MD	600 000	0
Zygimantas Dirse	GM	450 000	0
Tommy P Storstein	Sales Dir	753 000	0

For further information please contact:
Tuomo Lähdesmäki, Chairman, Tel.: +358-50-5879648.

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Kitron is one of Scandinavia's leading electronics manufacturing services companies for the Aerospace/Defence, Energy/Telecoms, Industry, Medical equipment and Offshore/Marine sectors. The company is located in Norway, Sweden, Lithuania, Germany, China and the United States. Kitron had revenues of about NOK 1.75 billion in 2014 and has about 1 200 employees. www.kitron.com

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This information is subject of the disclosure in accordance with section 5-12 of the Norwegian Securities Trading Act (Norwegian: verdipapirhandelloven).

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