SKEL fjárfestingafélag hf.: Allocation of stock options
21 November 2024 - 5:05AM
UK Regulatory
SKEL fjárfestingafélag hf.: Allocation of stock options
SKEL's Board of Directors has approved the
granting of stock options to certain employees, covering up to
10,801,254 shares in the company.
The stock option agreements are designed to
align the long-term interests of the company and its employees. The
terms of the agreements comply with the stock option plan and
remuneration policy approved at the company’s Annual General
Meeting on 7 March 2024. At this meeting, shareholders authorized
the Board of Directors to grant stock options to employees,
excluding key management personnel who had already received stock
options under the stock option plan approved at the Annual General
Meeting on 10 March 2022.
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The exercise price of the stock options is ISK 16.956 per share,
which reflects the weighted average trading price of the company's
shares on Nasdaq Iceland over the ten full trading days preceding
the issuance of the options. This price will be adjusted downward
for future dividends and other distributions to shareholders and
upward by an annual interest rate of 3% in addition to the
risk-free rate, calculated from the issue date until the first
exercise date for each exercise period.
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The vesting period is three years from the grant date. One-third of
the options become exercisable immediately after the grant date, an
additional one-third becomes exercisable one year later, and the
final third becomes exercisable two years after the grant
date.
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The option shares must be paid for in cash upon exercise.
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Fifteen percent of the option holder’s realized profit, net of all
taxes and mandatory payments, must be retained in the form of
company shares until the holder is no longer employed by SKEL.
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Stock options generally expire prior to the end of the vesting
period if the holder's employment with the company is
terminated.
Following this grant, the total number of
outstanding stock options granted to SKEL’s key employees amounts
to 107,602,943 shares, representing approximately 5.73% of the
company’s share capital.
For further information, please contact Ásgeir
Helgi Reykfjörður Gylfason, CEO, fjarfestar@skel.is
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