Remunetion of the key employees of Efore Plc
The Board of Directors of Efore Plc resolved on March 30, 2016 to issue stock options to the key employees of Efore Plc, based on the authorization received from the Annual General Meeting on March 30, 2016. The Board of Directors shall determine later the key employees. In accordance with the attached terms of the Stock Option Plan 1/2016, the stock options will be marked with symbol "1/2016" and the maximum number of stock options to be issued in 2016 shall be 1,500,000. The stock options shall be given free of charge.
The Company will grant a maximum of 1,500,000 stock options, entitling to the subscription for a maximum of 1,500,000 new shares in the Company. One (1) stock option entitles its holder to subscribe one (1) new share in the Company. The stock options shall be subscribed on December 31, 2016, at the latest.
The share subscription period for the stock options shall be April 1, 2017 - March 31, 2018.
The share subscription price for the stock options is 0.79 euros per share. The share subscription price is determined by valuating the effect of company's strategic profit targets to the share value. The share subscription price may change according to the terms of the Stock Option program 1/2016.
The theoretical market value of one 1/2016 stock option based on Black & Scholes pricing model with 30 % volatility and 1.5 % risk free interest rate is EUR 0.054.
There are weighty financial reasons referred to in Chapter 10, paragraph 1 of the Limited Liability Companies Act for granting stock options, as the stock options are intended to form part of the commitment and incentive scheme of the key employees of Efore Plc Group. The shares subscribed for with the stock options constitute in total to a maximum of 2.7 per cent of the total number of
shares in the company.
Furthermore, the Board of Directors of Efore Plc resolved on March 30, 2016 to cancel stock options “A”, “B” and “C” from stock option plan 1/2014 which have not been allocated and/or have been returned to the company. There are 233.333 stock options “A”, 500.000 stock options “B” and 500.000 stock options “C” which have not been allocated and/or have been returned to the company. The cancellation will be registered in the Finnish Trade Register on or about April 4, 2016.
After the cancellation there are 266 667 allocated stock options “A” and they entitle its holders to subscribe for maximum of 266 667 new shares in the company for EUR 0.7 subscription price.
The theoretical market value of stock option “A” based on Black & Scholes pricing model with 30 % volatility and 1.5 % risk free interest rate is EUR 0.156. No option rights were granted in 2016 and 2017.