Borregaard ASA: Reporting of transactions in Borregaard ASA's shares made by person discharging managerial responsibilities

17.02.2022: Borregaard ASA ("Borregaard", OSE ticker: BRG)

Borregaard's Board of Directors has issued share options in accordance with the proxy given by the Annual General Meeting held on 14 April 2021. The total number of options issued is 200,000.

The options will expire after five years (17 February 2027) and may be exercised in the last two years. The strike price of the options is NOK 228.75. It is based on the volume weighted average share price (VWAP) during the first three trading days after the announcement of the 4th quarter 2021 results with an addition of 10%. The strike price will be adjusted for dividend and other equity transactions. The maximum annual gain is limited to twice the annual base salary for the Chief Executive Officer, and the equivalent to the annual base salary for the other option holders. At least 50% of the proceeds after tax must be used to purchase shares in the company, and the purchased shares will be locked for a period of three years. The members of the executive management are expected to acquire shares until their shareholdings equal their annual base salary, and twice the base salary for the Chief Executive Officer.

The primary insiders granted stock options today have the following holdings of options and shares in Borregaard after the new share options were issued (new options in parenthesis):

Per A. Sørlie holds 235,000 options (30,000) and owns 164,312 shares
Per Bjarne Lyngstad holds 74,136 (8,000) and owns 60,915 shares
Tom Erik Foss-Jacobsen holds 88,350 options (10,000) and owns 29,734 shares
Sveinung Heggen holds 58,200 options (6,500) and owns together with related parties 24,823 shares
Ole Gunnar Jakobsen holds 69,425 options (8,000) and owns 32,482 shares
Gisle Løhre Johansen holds 63,750 options (8,000) and owns 21,476 shares
Kristin Misund holds 29,500 options (6,500) and owns 70,223 shares
Liv Longva holds 44,500 options (6,500) and owns 11,398 shares
Dag Arthur Aasbø holds 56,500 options (6,500) and owns 54,715 shares

Please, see attached notifications for persons discharging managerial responsibilities in Borregaard in accordance with Regulation EU 596/2014 (MAR) article 19.

The total number of outstanding share options is now 1,436,274, equivalent to 1.44% of the number of shares (including 414,862 treasury shares) in Borregaard.

Chief Financial Officer, Per Bjarne Lyngstad, mobile +47 952 44 515
Senior Vice President Organisation and Public Affairs, Dag Arthur Aasbø, mobile +47 918 34 108

This information is subject to the disclosure requirements pursuant to Section 3-1 of the Norwegian Securities Trading Act, cf. Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) Article 19.