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2017-03-05 18:40:53 CET 2017-03-05 18:40:53 CET Marel hf. - Managers' transactionsMarel hf. Issuance of Stock OptionsThe Board of Directors of Marel hf. resolved on 5 March 2017 to grant to the members of Marel’s Executive Team up to 3.2 million shares through stock option agreements. The aim of the stock option agreements is to align long-term interests of senior management and of the Company. The key terms and conditions of the new stock option program were approved by Marel’s Annual General Meeting on 2 March 2017 in accordance with the Company's Remuneration Policy as approved at the same meeting. The stock options will be granted to all members of the Executive Team, including the CEO. Six members of the Executive Team will receive the same number of options, 200,000, the EVP’s for Meat and Poultry will receive 300,000, the CFO and the EVP Strategy and Corporate Development will receive 400,000 and the CEO will receive 600,000. Key terms and conditions of the agreements are as follows: -- The stock option agreements entitle purchase of shares at the base offering price of EUR 2.779 per share [1]. The exercise price shall be adjusted for any dividend payments decided after the grant date. -- One vesting period of 3 years. Exercise periods are two per year in April and October subject to disclosure of the Q1 and Q3 financials. First exercise period will be following the publication of the Q1 2020 results. Option holders can delay exercise of these options to 2021, when the agreements expire and all unexercised options are cancelled. -- Option holders are required to hold shares in value corresponding to the net profit gained of the share options after deduction of taxes, until their employment with Marel is terminated. The total number of unexercised stock options granted by Marel hf., including this new stock option scheme, currently amounts to 11.8 million shares corresponding to approximately 1.6% of total issued share capital. The Company’s cost of the new share option scheme is estimated to be approximately EUR 1.7 million over the next 3 years based on the option pricing model of Black-Scholes. Details of the share options granted to Marel´s Executive Team: Name Title New Older granted Sharehold Shareholding stock and ing of of option unexercised insider financially s options related parties Árni Chief Executive 600,000 360,000 64,634 67,235 Oddur Officer Þórðars on Linda Chief Financial 400,000 725,000 62,500 0 Jónsdót Officer tir Árni Executive Vice 400,000 605,000 0 100,000 Sigurðs President Strategy son and Corporate Development Anton de Managing Director 300,000 731,000 0 0 Weerd (EVP) Poultry David Managing Director 300,000 689,000 27,300 0 Wilson (EVP) Meat Sigurður Managing Director 200,000 605,000 0 0 Ólason (EVP) Fish Jesper Managing Director 200,000 12,000 0 0 Hjortsh (EVP) Further øj Processing Davíð Executive Vice 200,000 665,000 75,000 0 Freyr President Human Oddsson Resources Paul van Executive Vice 200,000 665,000 0 0 Warmerd President Supply am Chain Pétur Executive Vice 200,000 920,000 219,430 0 Guðjóns President son Commercial Viðar Executive Vice 200,000 725,000 0 0 Erlings President son Innovation [1] The exercise price is determined by the closing rate of Marel shares at NASDAQ OMX Iceland hf. on 3 March 2017, i.e. ISK 314.00 per share, calculated with the Central Bank of Iceland EUR/ISK mid-rate on that day; 113.00 |
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