An extraordinary general meeting on October 24, 2007 voted in favor of introducing a long-term incentive program for senior executives and other key personnel, as well as for Board members.
For senior executives
The basic structure is a combined share and warrants program where senior executives and other key personnel are given the opportunity to subscribe to and tie up newly issued shares until the date of publication of Gunnebo’s year-end release for the 2010 financial year. For every 200 shares held, participants are given the opportunity to acquire a maximum of 1,600 warrants at market price.
As part of the incentive programme, participants who have acquired warrants are offered a bonus scheme, which is conditional on the fulfilment of certain financial key figures, the continued holding of both saving shares and warrants, as well as continued employment. The maximum bonus cost is approximately MSEK 1.8 per year.
For Board members
The programme for Board members has the same structure as the incentive program for senior executives and other key personnel. For every 200 saving shares, participants are given the opportunity to acquire a maximum of 800 warrants at market price. The program does not include any bonus opportunity equivalent to that offered to employees.
Shares and warrants have been issued at market price in both program, while employee stock options have been allotted free of charge. The acquisition price of the warrants was determined using the Black & Scholes valuation model and amounted to SEK 10.40 per option. A warrant/employee stock option gives the holder the right, during certain periods of 2011, to subscribe to a share in Gunnebo AB at a price of SEK 81.80.
The complete resolution on the programmes is found to your right on this website.