BITTNET SYSTEMS S.A. (hereinafter referred to as “the Company” / “the Issuer”) informs the Market that the 5 key persons (optionholders), of which 3 persons with management responsibilities (PDMR) within the Issuer Group – who announced the transfer of SOP2020 options to the Issuer and FSA – have notified the Issuer that they renounce at cession contracts, by mutual agreement, with the assigning investors.
Thus, the 5 key persons agreed with the Issuer the same mechanism for settling the economic value of SOP2020 as the other 19 optionholders. As a result, they will receive 5,886,921 BNET shares free of charge. This number of shares was calculated by dividing the economic value of the option by the price of RON 0.34 per share (the price approved by the GMS for carrying out a redemption program). The economic value of the option is represented by the difference between the market price and the purchase price in the stock option plan (strike price of the option), multiplied by the number of options.
The implementation of this mechanism was explained by the Issuer through the current report no. 26/01.07.2022, and the processing was done through the Central Depository, event for which the Issuer informed the market through the current report no. 27/08.07.2022. The allocation of the shares representing the equivalent of the economic value of the option will be done without any cash consideration from them.
The 5,886,921 BNET shares will be allocated in the following period by the Central Depository among the treasury shares of the Issuer. We attach to this current report the Information Document, Annex 4 of the FSA Regulation 5/2018, regarding the offering or assigning of shares to current or former members of management or employees.