Festi hf.: Share option scheme for employees of the Festi Group – final participation and allocation of share options
02 Mai 2024 - 11:20AM
UK Regulatory
Festi hf.: Share option scheme for employees of the Festi Group –
final participation and allocation of share options
At the Annual General Meeting of Festi, held on
6 March 2024, the Board of Directors was authorized to approve a
share option scheme and to enter into share option agreements with
permanent employees of the Group, in compliance with Article 10 of
the Income Tax Act No. 90/2003. Share option agreements have now
been concluded with employees in accordance with the approved share
option scheme. According to the scheme the share option applies to
all permanent employees of Festi and its subsidiaries. The purpose
of the scheme is to align the interests of the Group’s employees
with the performance and long-term goals of the company, and thus
the long-term interest of its shareholders.
According to the scheme each option holder
acquires the right to buy shares in Festi for up to ISK 500,000
once a year for three years, i.e. after the publication of
quarterly results for the 1st quarter for the years 2025, 2026 and
2027. Option holder is permitted to defer exercising the option, in
whole or in part, during the first and/or second exercise period
until the next period. At the end of the third exercise period, all
unexercised share options will expire.
The purchase price is the average traded price
in transactions with the company’s shares 10 business days
preceding the agreement date, which is 24 April 2024, or ISK 191.50
a share.
A total of 1.118 employees of the Group
participated in the scheme on up to 2,917,980 shares per year, or
8,753,940 share for all three years, based on 100% exercise of
share options.
This share option scheme complies with Article
10 of the Income Tax Act No. 90/2003 and was confirmed by the
Directorate of Internal Revenue on 8 April 2024.
The share option scheme is attached.
For further information, please contact Ásta S.
Fjeldsted, CEO of Festi - asta@festi.is or Magnús Kr.
Ingason, CFO of Festi – mki@festi.is
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