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On 21 April 2021 the general meeting of Kvika banki hf. („Kvika“ or „the bank“) authorised the Board of Directors to approve a share option plan in accordance with Article 10 of the Income Tax Act No. 90/2003 for all employees of Kvika and its subsidiaries (the“group”). On 10 November 2021 Kvika's Board of Directors implemented a share option plan which was approved by Iceland Revenue and Customs (Skatturinn) on 9 December 2021.
The objective of the Bank's proposed stock option plan (the“Stock Option Plan”) is to integrate the interests of employees with the long-term goals of the group.
The first year of the stock option plan has now expired but employees hired last year were on 15 December 2022 invited to enter the stock options for the remaining two years. Thus, new employees have received stock options for up to ISK 1,500,000 per year for the next two years, in total of ISK 3,000,000 (market value). Each of the following dates is an exercise date: on 15 December 2023, the stock option holder has earned the right to purchase share capital for up to ISK 1,500,000; and on 15 December 2024, the stock option holder has earned the right to purchase share capital for up to ISK 1,500,000.
The calculation of the purchase price was based on weighted average price in transactions with shares of the Bank for ten whole business days prior to the contract date, cf Article 10(1)(4) of the Income Tax Act No 90/2003, i.e. ISK 20.1277 per share.
Stock option agreements between the Bank and employees of the group were signed on 15 December 2022 in accordance with the Stock Option Plan. In total, 75 employees entered into a stock option agreement with the Bank on up to 5,587,300 shares per year based on 100% exercise of their options, i.e. 24,081,932 per year for the next two years, based on 100% exercise of all granted options under the Stock Option Plan.
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