Lars Boilesen appointed CEO ofNapatech COPENHAGEN, Denmark ,22 January 2024 -Napatech A/S (Napatech , OSE: NAPA) today announces the appointment ofLars Boilesen as Chief Executive Officer (CEO) of the Company effective immediately. "We are very pleased to announceLars Boilesen as the new CEO ofNapatech . He brings a wealth of industry experience and track record from listed companies and has served as chairman ofNapatech for nearly 7 years. In this position, he has been a pivotal force in changing the company's strategic direction and securing vital partnerships. He has also been instrumental in securing several strategic relationships with tier 1 customers. His experience and impact inNapatech as chairman demonstrate his potential to significantly enhance the company's growth and profitability," saysChristian Jebsen , acting chairman of the Board of Directors ofNapatech .Lars Boilesen has been chairman ofNapatech sinceSeptember 2017 and has experience from multiple executive roles in the international software and technology industry, including as CEO ofOpera Software ASA from 2010 to the company was sold in 2016 and CEO of the Norwegian-listed software companyOtello Corporation (OSE: OTEC) from 2016 to 2023. Boilesen is stepping down as chairman with immediate effect as he assumes the CEO role. "I look forward to working with theNapatech team even more closely to leverage on our opportunities and drive growth and expansion. I have been part of the Board of Directors for years and am highly impressed by the people and the world-class technology. The Company is perfectly positioned to capitalize on the opportunities in a rapidly changing market, and I look forward to embarking on this journey," saysLars Boilesen , CEO ofNapatech .Henrik Brill Jensen , who was appointed interim CEO inFebruary 2023 , will revert to his previous position as COO. The board would like to thankHenrik Brill for acting as the CEO in the period fromRay Smet's departure until Lars became the new CEO ofNapatech .Christian Jebsen , who has been a board member ofNapatech since 2019, will act as chairman until the ordinary general meeting. The Board will offerLars Boilesen 2,000,000 DKK in annual salary and no annual cash bonus. Furthermore, as part of the management services agreement, the Board of Directors have agreed withMr. Boilesen that he shall acquire treasury shares at fair market value (as determined after this public announcement and being the volume-weighted average price of today's trading on theOslo Stock Exchange ) against payment ofNOK 2,000,000 . The Company will notify the market aboutMr. Boilesen's transaction as soon as the transaction has been made. Furthermore, the Board of Directors has undertaken to seek the authorization of the general meeting to grant Mr. Lars Rahbæk Boilesen, as part of his remuneration and incentives package, up to 2,000,000 warrants equivalent to 2,000,000 shares in the company, vesting in equal instalments annually over 4 years , and having an exercise price of13.06 NOK per share (corresponding to the weighted average trading price of the last 5 days prior to this announcement). The aim of the warrants will be to align the goals of the company's shareholders and management in order to increase the company's value and to commit the newly appointed CEO to the company and its long-term objective. For additional information, please contact: oChristian Jebsen , Acting Chairman of the Board of Directors Phone: +47 40 40 14 41 E-mail: christian.jebsen@verdane.com oLars Boilesen , Chief Executive Officer Phone +47 40 40 14 60 E-mail: Larsb@napatech.com oHeine Thorsgaard , Chief Financial Officer Phone: +45 4596 1500 E-mail: htg@napatech.com AboutNapatech Napatech is a leading supplier of programmable FPGA-based SmartNIC solutions used in telecom, cloud, enterprise, cybersecurity and financial applications worldwide. Through commercial-grade software suites integrated with robust, high-performance hardware,Napatech accelerates telecom, networking and security workloads to deliver best-in-class system-level performance while maximizing the availability of server compute resources for running applications and services. Additional information is available at: www.napatech.com. This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Thisstock exchange announcement was published byHeine Thorsgaard , CFO,Napatech A/S , on22 January 2024 at08:00 CET .
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