Ossur Hf : New Share Option Program
(Thomson Reuters ONE) -
Announcement from Össur hf. No.24/2015
Reykjavik, 27 May 2015
Össur - New Share Option Program
Today, Össur hf. implemented a new share option program for the CEO and
Executive Management, and managers in strategic positions. The purpose of the
share incentive program is to attract and retain management team and key leaders
and reward for the delivery of long-term strategy. That way the interest of the
shareholders and management are aligned and the Company is provided with
competitive compensation tool to drive and motivate team performance culture.
The key terms and conditions of the new share option program were approved by
the Annual General Meeting on 12(th) March 2015 in accordance with the Company's
Remuneration Policy.
Up to 6,000,000 share options may be issued and outstanding at each time under
the share option program, exercisable into the same amount of shares,
corresponding to approximately 1.3 % of the total share capital of the Company.
At this time 1,800,000 share options have been granted; 1,300,000 to the
President & CEO and Executive Management and 500,000 share options have been
granted to managers in strategic positions. The exercise price is DKK 21.88
determined in accordance with the terms of the share option program, i.e. the
Company's average share price on NASDAQ Copenhagen 20 trading days prior to the
grant date. The options shall vest in 3 years from the grant date and can be
exercised for a period of one year during open trading windows.
Details of the share options granted to the President & CEO and Executive
Management:
Name Position Options Price Vesting Total Current
date options* shares**
Jón Sigurðsson President & 625,000 21.88
CEO 27 May 1,875,000 539,806
2018
Egill Jónsson Executive VP 225,000 21.88 27 May 725,000 818,499
M&O 2018
Ólafur Executive VP 225,000 21.88 27 May 375,000 6,539
Gylfason Sales & 2018
Marketing
Þorvaldur Executive VP 225,000 21.88 27 May 725,000 0
Ingvarsson R&D 2018
* Previously granted options have all vested.
** In addition Mr. Sigurðsson's financially linked parties hold 3,324 shares and
Mr. Jónsson's financially linked parties hold 4,250 shares.
Other key terms and conditions:
* If the share options cannot be settled with shares, e.g. due to currency
restrictions, the Company shall pay to the participants the difference of
the exercise price and the market price on the day of exercise.
* Participants are required to hold shares, corresponding to 5% of the profit
gained of the share options after deduction of taxes, until their employment
with the Company is terminated (if share settlement is possible).
* In general, the share options will lapse if the participants are no longer
employed with the Company. The Company may decide to waive this condition,
including if a participant becomes disabled or dies.
* The Company shall not grant any loans or guarantees to participants in
connection with the share options.
The Company's cost of the new share option program is estimated to be USD 1.17
million a year for the next three years based on the option pricing model of
Black-Scholes.
About Össur
Össur (NASDAQ: OSSR) is a global leader in non-invasive orthopaedics that helps
people live a life without limitations. Its business is focused on improving
people's mobility through the delivery of innovative technologies within the
fields of braces, supports, prosthetic limbs and compression therapy. A
recognized "Technology Pioneer", Össur invests significantly in research and
product development; its award-winning designs ensuring a consistently strong
position in the market. Successful patient and clinical outcomes are further
empowered via Össur's educational programs and business solutions. Headquartered
in Iceland, Össur has major operations in the Americas, Europe and Asia, with
additional distributors worldwide. www.ossur.com
Forward-Looking Statements
This press release includes "forward-looking statements" which involve risks and
uncertainties that could cause actual results to differ materially from results
expressed or implied by these statements. Össur hf. undertakes no obligation and
does not intend to update these forward-looking statements to reflect events or
circumstances occurring after this press release. You are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of the
date of this press release. All forward-looking statements are qualified in
their entirety by this cautionary statement.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ossur Hf via GlobeNewswire
[HUG#1924180]
Unternehmensinformation / Kurzprofil:
Datum: 27.05.2015 - 13:39 Uhr
Sprache: Deutsch
News-ID 396141
Anzahl Zeichen: 6082
contact information:
Town:
Reykjavik
Kategorie:
Business News
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