Itera

Share Issue/Capital Change • Sep 7, 2015

Share option program

Share option program

In accordance with the resolution in the ordinary

general meeting held on 21 May of 2015, the Board of

Itera ASA has approved a new share option program

for leading employees in Itera. The program issues

1.400.000 options, and the vesting period of share

options is almost four years.

The exercise price for the options is NOK 2.58,

which is equal to the average volume-weighted share

closing price on the Oslo Stock Exchange for the

last 30 trading days preceding the date of the grant

of these options.

80% of the options are subject to achievements of

financial targets in alignment with Itera's

profitable growth ambition. Options subject to

financial targets have the following exercise

periods:

- for 1/4 of options during 01.06.2016-

15.06.2016

- for 1/4 of options during 01.06.2017-

15.06.2017

- for 1/4 of options during 01.06.2018-

15.06.2018

- for 1/4 of options during 01.06.2019-

15.06.2019

Options that are not exercised within exercise

period are rolled forward to next exercise period.

De remaining 20 % of the options that are not

subject to financial targets, have the exercise

period 01.06.2019-15.06.2019.

The options to acquire shares in Itera have been

allocated to the following primary insiders

(including related parties):

Group CEO Arne Mjøs: 800.000 options. Number of

share options after the grant is 480.000 and number

of shares held is 15.018.632 (18.3%).

EVP Jon Erik Høgberg: 440.000 options. Number of

share options after this grant is 264.000 and number

of shares held is 244.944.

EVP Kristian Enger: 150.000 options. Number of share

options after this grant is 240.000 and number of

shares held is 147.472.

EVP Niko Nyström: 150.000 options. Number of share

options after this grant is 230.000 and number of

shares held is 73.736.

MD Itera Denmark John Aalling: 40.000 options.

Number of share options after this grant is 80.000

and number of shares held is 119.165.

MD Compendia Oddvar Håland: 80.000 options. Number

of share options after this grant is 160.000 and

number of shares held is 16.000.

Communication Director Ane Gjennestad: 30.000

options. Number of share options after this grant is

70.000 and number of shares held is 0.

For more information, please contact:

Arne Mjøs, Group CEO

Mobile: +47 905 23 172