Somero Regulatory News (SOM)

18 March 2019

Somero Enterprises Inc.

("Somero" or the "Company")

Transactions in Own Shares and Restricted Stock Units

Senior Management Equity Bonus Program

On 15 March 2019, the Board of the Company approved the issuance of 39,373 new shares of common stock to senior managers, including certain executive Directors, under Somero's 2018 Equity Bonus Plan (the "Plan"). Under the Plan, eligible senior managers were able to choose to receive up to 50% of their 2018 annual performance bonus in shares of common stock in the Company. The shares issued to participating senior managers are fully-vested with no performance conditions. The number of shares issued under this award was based on the closing price on 15 March 2019 of 385 pence. The following executive Directors received shares under this award:

Application will be made to the London Stock Exchange for admission to trading on AIM of the shares of common stock in the Company to satisfy this common stock award ("Admission"). Admission is expected to occur on or about 22 March 2019. The new shares of common stock will rank pari passu with the existing common stock in the Company.

In conjunction with this common stock award, the Board of the Company has approved the cancellation of shares held in Treasury.

Restricted Stock Unit Awards

Also on 15 March 2019, the Board of the Company approved issuance of Restricted Stock Units (RSUs) to the following executive and non-executive Directors under the terms of Somero's 2010 Equity Incentive Plan at a price of 385 pence per RSU based on the closing price on 15 March 2019. 

Name Number of RSUs awarded

Lawrence Horsch 6,843 shares

Thomas Anderson 4,887 shares

Robert Scheuer 3,133 shares

Jack Cooney 36,397 shares

John Yuncza 23,455 shares

Howard Hohmann 24,525 shares

RSUs awarded to Mr. Horsch, Mr. Anderson, and Mr. Scheuer, all non-executive Directors, were granted in lieu of annual Director fee increases. RSUs awarded to Mr. Cooney, Mr. Hohmann and Mr. Yuncza, all executive Directors, were granted as part of an annual incentive compensation program. The shares awarded are the maximum available under the grants, will vest over a three-year period commencing on the date of the grant, and require continued service for the period. The participating Directors will, following the end of the performance period, be notified as to the extent to which the performance conditions have been met and their award has vested. Unless determined otherwise by the Equity Incentive Plan administrator, each RSU will be equal to one share of common stock in the Company and will entitle each Director to either shares of common stock or an amount of cash determined with reference to the value of shares of common stock at the discretion of the Company.

In addition to the RSUs awarded to Directors, the Board of the Company approved RSUs to be awarded to a group of non-Director employees under the terms of Somero's 2010 Equity Incentive Plan at a price of 385 pence per RSU based on the closing price on 15 March 2019. The awards to non-Director employees are a key element of the Company's employee retention program as well as a reward to employees for significant contributions to the Company's performance. The total number of RSUs awarded were 87,790 which are subject to the same vesting, service and performance requirements as the Director awards and each participating non-Director will, following the end of the performance period, be notified as to the extent to which the performance conditions have been met and their award has vested.

Following the above transactions, total outstanding RSUs will equal 627,506 units and the Company's total issued share capital will be 56,425,598 with 97,896 shares held in Treasury. Therefore, the total number of shares with voting rights will be 56,327,702.

For further information, please contact:

Somero Enterprises, Inc. www.somero.com

Jack Cooney, CEO

John Yuncza, CFO

Howard Hohmann, EVP Sales

finnCap Ltd (NOMAD and Broker)

Matt Goode (Corporate Finance) +44 (0)20 7220 0500

Carl Holmes (Corporate Finance)

Kate Bannatyne (Corporate Finance)

Tim Redfern/Richard Chambers (ECM)

Alma PR (Financial PR Advisor) somero@almapr.co.uk

Rebecca Sanders-Hewett +44 (0) 20 3405 0205

Susie Hudson

Sam Modlin