Kahoot Topper Cash in Options – E24

Leading Kahoot employees are cashing in multi-million dollar options. CEO Eilert Hanoa is getting the most.

In connection with the ongoing acquisition of Kahoot, the Company will settle all vested stock options in cash, including those acquired as a result of the bidding.

E24 previously wrote that Kahoot’s leaders and employees have options worth several hundred million kroner.

Friday night The company publishes List of people associated with Kahoot who are benefiting now.

The settlement of the options, as well as fees for financial and legal advisors in connection with the $1 billion agreement, will have a negative cash impact of about $76 million, according to the company’s most recent quarterly report.

The amount corresponds to 849 million Norwegian kroner.

Cash inflows

Among other things, CEO Eilert Hanwa is exchanging 712,499 options and 187,499 so-called RSUs for a total amount of just over NOK 17 million.

Restricted stock units (RSUs) are a stock-based payment system where the recipient is entitled to receive bonus shares at some point in the future after certain vesting conditions are met.

Co-founder and former CEO Asmund Foruseth, who now serves as product director at the company, is exchanging his 1.2 million options and 93,749 RSUs for a total of NOK 4.5 million.

COO Lars-Erik Grönton and CFO Ken Ostring each collect about NOK 14.5 million for their options and RSUs, while CTO Josten Nydal Håvaldsrud is left with just over NOK 5.6 million.

Marketing director Elisabeth Kliff takes home NOK 1.2 million, while deputy development director Julie Wessel walks away for just under NOK 2 million.

Purchase accepted on Wednesday

This summer saw news that a group of investors led by major US bank Goldman Sachs had purchased Kahoot. Investors put NOK 35 per share on the table, for a total of NOK 17.2 billion.

Kahoot’s share price rose sharply in Oslo Børs after the offer was announced. Later, the bid price was around 35 NOK.

However, the offer has been disputed, with many shareholders believing the offer was too low.

Goldman Sachs responded by waiving the requirement to buy at least 90% of the shares.

On Wednesday evening of this week, the final result of the billion bid was announced. The bidders received approval from 81.16 percent of shareholders. They have also bought or will buy shares so the acceptance rate rises to 84.1 percent.

Analysts have previously indicated that a turnout rate of less than 90 percent could present opportunities for the bidder, including mergers and the possibility of delisting the company.