ORIGO HF. The Board of Directors of Origo hf. resolved on
The stock option agreements are granted in order to combine the long-term interests of the company and key employees. The terms of the stock option agreements are in accordance with the stock option system approved at the Company's Annual General Meeting on
The main conditions of the stock options agreements are as follows:
• The exercise price of the stock options is ISK 63 per share, which is equivalent to the closing price of shares in the company on NASDAQ Iceland on
• The vesting time is three to five years from contract date. The redemption period shall be immediately after the vesting period and / or within one year thereafter (within special redemption periods). However, in the event of a change in the company's control, as discussed in Article 100. Act no. 108/2007 on securities transactions, all outstanding stock options are acquired immediately.
• In general, stock options shall expire before the vesting period if the stock option holder's employment relationship with the company is terminated.
• Stock options holders commit themselves while working for the company to hold at least 10% of the shares they buy on the basis of stock options.
Following the allocation of the stock options, the total number of outstanding stock options that Origo hf. has provided its key employees are 17,440,000 shares, or about 4% of the company's share capital. The company's total cost of stock option agreements announced here over the next five years is estimated at ISK 54 million based on the Black-Scholes calculation model.
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