Ensurge Micropower ASA - Mandatory Notice of Trade for Primary Insiders

Rhea-AI Summary

On 28 October 2021, Ensurge Micropower ASA announced the cancellation and forfeiture of 4,283,638 incentive subscription rights previously granted to employees and directors. Primary insiders including CEO Kevin Barber and CFO David Williamson forfeited significant rights without compensation. This follows a May 2021 announcement regarding the issuance of these rights. The forfeiture may impact investor sentiment, raising concerns over the company's compensation strategies and potential implications for future talent retention.

Positive

• None.

Negative

• Forfeiture of 4,283,638 incentive subscription rights may raise concerns about employee retention and compensation strategies.
• High number of rights forfeited by primary insiders could indicate potential dissatisfaction or strategic re-evaluation within the company.

Oslo, 28 October 2021

Reference is made to the announcement by Ensurge Micropower ASA ("Ensurge" or the “Company”) on 12 May 2021 regarding the issuance of incentive subscription rights to employees and directors in the Company ("Anti-dilutive Grants"), and further to the announcement on 28 October 2021 regarding the cancellation and forfeiture of a total of 4,283,638 incentive subscription rights in accordance with the terms and conditions resolved by the 2021 Annual General Meeting.

As a result of the Company’s cancellation of incentive subscription rights, primary insiders in Ensurge have forfeited incentive subscription rights as follows:

On 28 October 2021, Kevin Barber, CEO of Ensurge, forfeited 1,771,748 incentive subscription rights in the Company without compensation.

On 28 October 2021, David Williamson, acting CFO of Ensurge, forfeited 260,967 incentive subscription rights in the Company without compensation.

On 28 October 2021, Arvind Kamath, EVP technology development & manufacturing in the Ensurge group, forfeited 679,100 incentive subscription rights in the Company without compensation.

On 28 October 2021, Morten Opstad, board chair, forfeited 285,576 incentive subscription rights in the Company without compensation.

On 28 October 2021, Preeti Mardia, board member, forfeited 142,788 incentive subscription rights in the Company without compensation.

On 28 October 2021, Jon Castor, board member, forfeited 285,576 incentive subscription rights in the Company without compensation.

On 28 October 2021, Kelly Doss, board member, forfeited 142,788 incentive subscription rights in the Company without compensation.

The above transaction notices are all initial notifications. The name of the entity is Ensurge Micropower ASA, and the Company's LEI is 5493007QXMCG0WPKFC96. The ISIN of the Company's share is NO0010299068. The transactions were performed outside a trading venue.

Contact

Ståle Bjørnstad - Investor Relations
E-mail: stale.bjornstad@ensurge.com
Phone: +47 99 16 76 72

Kevin Barber - Chief Executive Officer
E-mail: kevin.barber@ensurge.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

FAQ

What was announced by Ensurge Micropower ASA on 28 October 2021?

Ensurge announced the cancellation and forfeiture of 4,283,638 incentive subscription rights granted to employees and directors.

Who forfeited incentive subscription rights in Ensurge on 28 October 2021?

Key executives such as Kevin Barber (CEO) and David Williamson (CFO) forfeited their rights without compensation.

How many incentive subscription rights were cancelled by Ensurge?

A total of 4,283,638 incentive subscription rights were cancelled.

What is the impact of the forfeiture of rights on Ensurge shareholders?

The forfeiture may affect investor sentiment, raising concerns about compensation strategies and employee retention.