Share Subsciption Plan 2009
The company has an incentive plan for the motivation and commitment of the company's key personnel by means of a share subscription plan.
The potential reward from the plan is based on reaching the targets set by the Board of Directors for the Group’s consolidated income before taxes for the first and second half of year 2009. Based on the plan and if the targets are achieved, the company would issue a maximum of 1,500,000 new series shares of which 50 percent would be issued during July 2010 and the remaining 50 percent during January 2011. The new series A shares, if any, will be issued according to and under the authorization granted to the Board of Directors in the company’s Articles of Association.
Based on the actual results for 2009, the targets for the first and second half of 2009 have not been met and thus no shares will be issued.
Terms and Conditions of the Share Subscription Plan 2009
Amendment to Terms and Conditions of the Share Subscription Plan 2009
Share Subscription Plan 2007
The company has had another fairly similar share subscription plan for the motivation and commitment of the company’s key personnel dating from 2007.
The actual number of shares issued was based on the improvement of the profit before taxes of the full financial year 2008. Elcoteq announced in February 11, 2009 that according to the plan and on the basis of the 2008 results, the company will be issuing 480,000 new series A shares at the most.
Due to the restructuring and changes in personnel, the actual number of shares issued on November 12, 2009 for the implementation of 2007 share subscription plan was 336,266.
Terms and Conditions of the Share Subscription Plan