{"success":true,"data":{"pressRelease":{"id":"151374","rtpr_id":"nWkr1CX5Fb-20260923","ticker":"NORSE","exchange":"Oslo Børs","all_tickers":["NORSE"],"title":"Norse Atlantic ASA: New long-term incentive program and granting of share options to primary insiders","author":"Cision","published_at":"2026-09-23T20:16:13.634Z","article_body":"Norse Atlantic Airways AS\nArendal, 23 September 2026: Reference is made to the annual general meeting\nheld in Norse Atlantic ASA (the \"Company\" or \"Norse\") on 25 June 2026, where\nthe board of directors of the Company (the \"Board\") was granted an\nauthorisation to increase the share capital in connection with share option\nprograms in the Company. Reference is further made to the Company's stock\nexchange announcement made on 8 May 2023 regarding the establishment of a\nlong-term share option program (the \"Original Incentive Program\").\n\nThe Board has resolved to (i) cancel the Original Incentive Program and all\noutstanding share options granted thereunder, and (ii) establish a new share\noption program (the \"New Incentive Program\") for members of the Company's\nsenior management and selected key employees, which comprises a total of 127\n643 988 share options (the \"Share Options\" and each a \"Share Option\"). The New\nIncentive Program is designed to ensure that share-based incentives remain a\nmeaningful component of the compensation structure, strengthen the ownership\nculture in the group, and align the interests of executive employees with\nthose of the shareholders.\n\nEach Share Option granted under the New Incentive Program carries the right to\nacquire one share in the Company at a strike price of NOK 0.50 per share. The\nshare options will vest over a period of four years, in equal parts (25%)\nyearly, and will lapse 2 years after the expiry of the vesting period.\n\n96,067,000 Share Options have been granted to primary insiders under the New\nIncentive Program:\n\n-  Eivind Roald (Chief Executive Officer) has been granted 42,995,000 Share\nOptions. Following the grant, Eivind holds 6,000,000 shares through CR Holding\nAS and 42,995,000 Share Options in Norse.\n\n-  Anders Hall Jomaas (Chief Financial Officer) has been granted 20,154,000\nShare Options. Following the grant, Anders holds 1,791,327 shares and\n20,154,000 Share Options in Norse.\n\n-  Kristin Berthelsen (Deputy CEO) has been granted 20,154,000 Share Options.\nFollowing the grant, Kristin holds 90,000 shares through her wholly owned\ncompany Alltid Alt AS and 20,154,000 Share Options in Norse.\n\n-  Thom-Arne Norheim (Chief Operating Officer) has been granted 9,405,000\nShare Options. Following the grant, Thom-Arne holds 0 shares and 9,405,000\nShare Options in Norse.\n\n-  Frode Berg (General Counsel) has been granted 3,359,000 Share Options.\nFollowing the grant, Frode holds 0 shares and 3,359,000 Share Options in\nNorse.\n\nPlease see the enclosed forms for further details about the individual\ntransactions.\n\nContacts\n\nInvestors and media: CFO, Anders Hall Jomaas, anders.jomaas@flynorse.com\n\nAbout Norse Atlantic ASA\n\nNorse Atlantic ASA is an airline committed to offering affordable fares on\ndirect, long-haul flights to popular destinations, along with specialized\ncharter and ACMI services for tailored travel needs and extensive cargo\noperations. Norse Atlantic operates a modern fleet of 12 fuel-efficient Boeing\n787 Dreamliners, serving a network of destinations across North America,\nEurope, Africa and Asia.\n\nThis information is subject to the disclosure requirements in Article 19 of\nRegulation EU 596/2014 (the EU Market Abuse Regulation) and Section 5-12 of\nthe Norwegian Securities Trading Act.\n\nhttp://publish.ne.cision.com//Release/ViewReleaseHtml/0092EA571CB18539E0C856B0705FC7D6\n\n2026 09 23 Norse ASA - PDMR notification forms(25674042.6)\n(https://mb.cision.com/Main/21212/4400058/4285155.pdf)\n\n\n\n(c) Cision 2026","article_body_html":"","raw_payload":{"data":{"id":"nWkr1CX5Fb-20260923","title":"Norse Atlantic ASA: New long-term incentive program and granting of share options to primary insiders","author":"Cision","ticker":"NORSE","created":"2026-09-23T20:16:13.634Z","tickers":["NORSE"],"exchange":"Oslo Børs","article_body":"Norse Atlantic Airways AS\nArendal, 23 September 2026: Reference is made to the annual general meeting\nheld in Norse Atlantic ASA (the \"Company\" or \"Norse\") on 25 June 2026, where\nthe board of directors of the Company (the \"Board\") was granted an\nauthorisation to increase the share capital in connection with share option\nprograms in the Company. Reference is further made to the Company's stock\nexchange announcement made on 8 May 2023 regarding the establishment of a\nlong-term share option program (the \"Original Incentive Program\").\n\nThe Board has resolved to (i) cancel the Original Incentive Program and all\noutstanding share options granted thereunder, and (ii) establish a new share\noption program (the \"New Incentive Program\") for members of the Company's\nsenior management and selected key employees, which comprises a total of 127\n643 988 share options (the \"Share Options\" and each a \"Share Option\"). The New\nIncentive Program is designed to ensure that share-based incentives remain a\nmeaningful component of the compensation structure, strengthen the ownership\nculture in the group, and align the interests of executive employees with\nthose of the shareholders.\n\nEach Share Option granted under the New Incentive Program carries the right to\nacquire one share in the Company at a strike price of NOK 0.50 per share. The\nshare options will vest over a period of four years, in equal parts (25%)\nyearly, and will lapse 2 years after the expiry of the vesting period.\n\n96,067,000 Share Options have been granted to primary insiders under the New\nIncentive Program:\n\n-  Eivind Roald (Chief Executive Officer) has been granted 42,995,000 Share\nOptions. Following the grant, Eivind holds 6,000,000 shares through CR Holding\nAS and 42,995,000 Share Options in Norse.\n\n-  Anders Hall Jomaas (Chief Financial Officer) has been granted 20,154,000\nShare Options. Following the grant, Anders holds 1,791,327 shares and\n20,154,000 Share Options in Norse.\n\n-  Kristin Berthelsen (Deputy CEO) has been granted 20,154,000 Share Options.\nFollowing the grant, Kristin holds 90,000 shares through her wholly owned\ncompany Alltid Alt AS and 20,154,000 Share Options in Norse.\n\n-  Thom-Arne Norheim (Chief Operating Officer) has been granted 9,405,000\nShare Options. Following the grant, Thom-Arne holds 0 shares and 9,405,000\nShare Options in Norse.\n\n-  Frode Berg (General Counsel) has been granted 3,359,000 Share Options.\nFollowing the grant, Frode holds 0 shares and 3,359,000 Share Options in\nNorse.\n\nPlease see the enclosed forms for further details about the individual\ntransactions.\n\nContacts\n\nInvestors and media: CFO, Anders Hall Jomaas, anders.jomaas@flynorse.com\n\nAbout Norse Atlantic ASA\n\nNorse Atlantic ASA is an airline committed to offering affordable fares on\ndirect, long-haul flights to popular destinations, along with specialized\ncharter and ACMI services for tailored travel needs and extensive cargo\noperations. Norse Atlantic operates a modern fleet of 12 fuel-efficient Boeing\n787 Dreamliners, serving a network of destinations across North America,\nEurope, Africa and Asia.\n\nThis information is subject to the disclosure requirements in Article 19 of\nRegulation EU 596/2014 (the EU Market Abuse Regulation) and Section 5-12 of\nthe Norwegian Securities Trading Act.\n\nhttp://publish.ne.cision.com//Release/ViewReleaseHtml/0092EA571CB18539E0C856B0705FC7D6\n\n2026 09 23 Norse ASA - PDMR notification forms(25674042.6)\n(https://mb.cision.com/Main/21212/4400058/4285155.pdf)\n\n\n\n(c) Cision 2026"},"type":"article","timestamp":"2026-09-23T20:16:13.718738381Z","server_sent_at_ms":1790194573718},"received_at":"2026-09-23T20:16:13.772Z","source_url":null},"analysis":{"id":"140176","press_release_id":"151374","analysis_json":{"industry":{"label":"Airlines","sector":"Industrials"},"redFlags":["NOK 0.50 strike price is nominal relative to typical airline share prices, implying heavily in-the-money grants and future dilution","large insider allocations (~96M options) concentrate incentive economics with management"],"eventType":"dilution","narrative":"Norse Atlantic's board cancelled the original 2023 long-term incentive program and established a new one comprising 127,643,988 share options for senior management and key employees.\n\nEach option carries a NOK 0.50 strike price and vests 25% annually over four years, lapsing two years after the vesting period ends.\n\nPrimary insiders received 96,067,000 of the options, led by CEO Eivind Roald with 42,995,000 and CFO Anders Hall Jomaas and Deputy CEO Kristin Berthelsen with 20,154,000 each; the nominal strike implies potential share dilution for existing holders.","sentiment":"bearish","agentHooks":{"shouldPost":false,"suggestedAngle":"Routine but dilutive management option refresh at nominal NOK 0.50 strike -- track potential share count impact."},"keyFigures":{"customDimensions":{"gc_options":3359000,"ceo_options":42995000,"cfo_options":20154000,"coo_options":9405000,"vesting_years":4,"strike_price_nok":0.5,"deputy_ceo_options":20154000,"options_to_insiders":96067000}},"quotedText":"The Board has resolved to (i) cancel the Original Incentive Program and all outstanding share options granted thereunder, and (ii) establish a new share option program","namedEntities":{"people":[{"name":"Eivind Roald","role":"Chief Executive Officer"},{"name":"Anders Hall Jomaas","role":"Chief Financial Officer"},{"name":"Kristin Berthelsen","role":"Deputy CEO"},{"name":"Thom-Arne Norheim","role":"Chief Operating Officer"},{"name":"Frode Berg","role":"General Counsel"}],"products":["Boeing 787 Dreamliner"],"companies":[{"name":"Norse Atlantic ASA","ticker":"NORSE","relationship":"filer"},{"name":"CR Holding AS","relationship":"insider holding vehicle"},{"name":"Alltid Alt AS","relationship":"insider holding vehicle"}],"dollarAmounts":[{"amount":"NOK 0.50","context":"strike price per share under new incentive program"}]},"materialImpact":{"score":2,"reasoning":"A 127.6M-share option program with a NOK 0.50 strike for senior management creates potential dilution, but the strike is nominal, vesting is spread over four years, and no proceeds or immediate issuance occur. Routine governance/compensation disclosure under MAR Article 19."},"tickerRelevance":{"others":[],"primary":"NORSE"},"globalImportance":18,"audienceRelevance":15,"eventTypeSecondary":["operations_update"],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"compensation/incentive program","issuerAuthored":true,"dilutionPotential":"up to ~128M shares at nominal strike"}},"event_type":"dilution","event_type_secondary":["operations_update"],"sentiment":"bearish","material_impact_score":2,"narrative":"Norse Atlantic's board cancelled the original 2023 long-term incentive program and established a new one comprising 127,643,988 share options for senior management and key employees.\n\nEach option carries a NOK 0.50 strike price and vests 25% annually over four years, lapsing two years after the vesting period ends.\n\nPrimary insiders received 96,067,000 of the options, led by CEO Eivind Roald with 42,995,000 and CFO Anders Hall Jomaas and Deputy CEO Kristin Berthelsen with 20,154,000 each; the nominal strike implies potential share dilution for existing holders.","key_figures":{"customDimensions":{"gc_options":3359000,"ceo_options":42995000,"cfo_options":20154000,"coo_options":9405000,"vesting_years":4,"strike_price_nok":0.5,"deputy_ceo_options":20154000,"options_to_insiders":96067000}},"named_entities":{"people":[{"name":"Eivind Roald","role":"Chief Executive Officer"},{"name":"Anders Hall Jomaas","role":"Chief Financial Officer"},{"name":"Kristin Berthelsen","role":"Deputy CEO"},{"name":"Thom-Arne Norheim","role":"Chief Operating Officer"},{"name":"Frode Berg","role":"General Counsel"}],"products":["Boeing 787 Dreamliner"],"companies":[{"name":"Norse Atlantic ASA","ticker":"NORSE","relationship":"filer"},{"name":"CR Holding AS","relationship":"insider holding vehicle"},{"name":"Alltid Alt AS","relationship":"insider holding vehicle"}],"dollarAmounts":[{"amount":"NOK 0.50","context":"strike price per share under new incentive program"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-23T20:16:20.559Z","global_importance":18,"audience_relevance":15,"importance_components":{"tickerTier":"small-cap","eventGravity":"compensation/incentive program","issuerAuthored":true,"dilutionPotential":"up to ~128M shares at nominal strike"}},"durationMs":7009,"modelName":"glm-5.3-flashx"}}