The Board of Directors of Marel hf. resolved on 12 February 2018 to grant to
employees up to 4.1 million shares through stock option agreements.
The aim of the stock option agreements is to align long-term interests of
senior management and of the Company. The key terms and conditions of the new
stock option program were approved by Marel's Annual General Meeting on 2 March
2017 in accordance with the Company's Remuneration Policy as approved at the
same meeting. The stock options will be granted to the Executive Team, and
selected employees in strategic positions. Key terms and conditions of the
agreements are as follows:
-- The stock option agreements entitle purchase of shares at the base offering
price of EUR 2.923 per share [1]. The exercise price shall be adjusted for
any dividend payments decided after the grant date.
-- One vesting period of 3 years. Exercise periods are two per year in April
and October subject to disclosure of the Q1 and Q3 financials. First
exercise period will be following the publication of the Q1 2021 results.
Option holders can delay exercise of these options to Q1 2022, when the
agreements expire and all unexercised options are cancelled.
-- Option holders are required to hold shares in value corresponding to the
net profit gained of the share options after deduction of taxes, until
their employment with Marel is terminated.
The total number of unexercised stock options granted by Marel hf., including
this new stock option scheme, currently amounts to 14.0 million shares
corresponding to approximately 1.9% of total issued share capital. The
Company's cost of the new share option scheme is estimated to be approximately
EUR 2.1 million over the next 3 years based on the option pricing model of
Black-Scholes.
Details of the share options granted to Marel's Executive Team:
Name Title New Older granted Sharehold Shareholding
stock and ing of of
option unexercised insider financially
s options related
parties
Árni Chief Executive 650,000 960,000 64,634 67,235
Oddur Officer
Þórðars
on
Linda Chief Financial 425,000 1,029,000 158,500 0
Jónsdót Officer
tir
Árni Executive Vice 425,000 1,005,000 0 100,000
Sigurðs President Strategy
son and Corporate
Development
Anton de Managing Director 250,000 905,000 15,000 0
Weerd (EVP) Poultry
David Managing Director 250,000 947,000 27,300 0
Wilson (EVP) Meat
Sigurður Managing Director 250,000 805,000 0 0
Ólason (EVP) Fish
Jesper Managing Director 250,000 200,000 0 0
Hjortsh (EVP) Further
øj Processing
Davíð Executive Vice 250,000 805,000 135,000 0
Freyr President Human
Oddsson Resources
Folkert Executive Vice 250,000 0 17,862 0
Bölger President Supply
Chain
Pétur Executive Vice 250,000 1.120,000 219,430 0
Guðjóns President
son Commercial
Viðar Executive Vice 250,000 829,000 65,000 0
Erlings President
son Innovation
[1] The exercise price is determined by the closing rate of Marel shares at
NASDAQ Iceland hf. on 12 February 2018, i.e. ISK 366.00 per share, calculated
with the Central Bank of Iceland EUR/ISK mid-rate on that day; 125.20© 2018 GlobeNewswire
