New Engagement and Incentive Scheme and Option Plan 2017A
The Board of Directors
In accordance with the Articles of Association, the shareholders decide on the fees paid to Board members at the Annual General Meeting.
On April 24, 2019, the AGM decided to pay the Chairman of the Board EUR 2,500 per month and the other members EUR 1,500 per month. The Board members are also compensated for reasonable travel costs incurred from meetings.
CEO and the Executive Team
The Company’s CEO has a period of notice of three months. If the Company terminates the CEO’s contract unilaterally, the CEO is entitled to compensation equivalent to three months’ pay.
The CEO and Executive Team are not part of the personnel fund established at the beginning of 2019, which invests mainly in the shares of Vincit Plc.
Option Rights 2016
On September 23, 2016, based on an authorization issued by the extraordinary shareholders’ meeting of January 18, 2016, the Board of Directors decided to grant option rights to the personnel of the company and its subsidiaries. The company has a cogent financial reason for granting the option rights, as they are meant to serve as a component of the incentive and engagement scheme for the company’s personnel.
The maximum number of option rights is 316,000, which give the right to subscribe to 316,000 new shares or treasury shares. Of the option rights, 216,000 are subscribed with the identifier 2016A and 100,000 with the identifier 2016B. The subscription period of shares subscribed with option right 2016A is November 1, 2019 – October 31, 2020, and the subscription period of shares subscribed with option right 2016B April 1, 2019 – March 31,2020.
The subscription price for option right 2016A is EUR 2.1000 per share and that of option right 2016B EUR 6.5015 per share. The subscription prices will be lowered by the amounts of dividends and other distribution of profits decided on before the subscription.
The Board of Directors decides on the distribution of option rights and any additional conditions for granting them. A maximum of 100,000 2016A option rights have been reserved for distribution to those participating in the Staff Offering.