Concurrently with the appointment of Ásgeir Helgi Reykfjörð Gylfason and Magnús Ingi Einarsson, the board of directors of SKEL fjárfestingafélag hf. has agreed to enter into stock option agreements with them on shares in the Company in conformity with the provisions of the Company’s stock option plan that was approved at the annual general meeting of the Company last 10 March.

The agreements have the purpose of harmonising the long-term interests of the Company, its employees and shareholders.

The main substance of the stock option agreements is as follows:

  • The exercise price of the options is 16.4280 ISK, which corresponds to the weighted average price of trades in SKEL shares on Nasdaq Iceland over ten full trading days prior to the date of the agreement; the price is adjusted (downwards) for future dividend payments and corresponding allocations to shareholders and adjusted (upwards) with 7% fixed yearly interest from the allocation date to the first possible exercise date for each exercise period.
  • The earning period is three years from allocation and the exercise period begins immediately following the end of the period, at which time 1/3 of the option can be exercised; one year later 1/3 of the option may be exercised and one year after that another 1/3.
  • Option shares shall be paid for in cash if and when exercised.
  • A certain proportion of the shares, 15% of the redeemed profit of the option holder, if such profit exists, net of all taxes and other obligatory payments in the form of shares in the Company, shall be retained until the end of employment
  • As a rule, stock options will lapse prior to the earning period if the employment relationship of a stock option holder with the Company is terminated.

Following allocation of the options, the total outstanding options that SKEL has granted to its key management amount to 96,801,689 shares, or approximately 5% of the shares in the Company. Further information included in attachments.

For further information, please contact Jón Ásgeir Jóhannesson, Chairman of the board of directors  of SKEL fjárfestingafélag hf.: (fjarfestar@skel.is).

www.skel.is

Attachments

  • ÁHRG
  • MIE