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Festi hf.: Allocation of share options
At Festi Board meeting on October 30, 2024, a decision was made to grant certain key employees of the Group share options covering a total of 990,000 shares in the Company.
Share option agreements for the allocated shares were signed today, October 31, 2024. Their terms are in accordance with the resolution of the Festi Annual General Meeting on March 6, 2024, approving a share option program for the CEO, senior management and key employees of the Group and the Company's Remuneration Policy, which is attached. The total number of shares that may be allocated based on the share option program is 5,500,000. The purpose of granting share options is to align the long-term incentives of the Group's management with its performance and long-term goals, and thus the long-term interests of its shareholders.
The main terms of the share option agreements are as follows:
Following the allocation of the share options, the total number of outstanding share options according to the share option program for key employees will cover 5,355,000 shares, or 1.72% of the Company's issued share capital, which Festi has granted to 46 employees in the Group. The estimated total expense (charge) for the share options, based on the Black Scholes model, amounts to ISK 127 million which will be expensed over the life of the contracts.
Information is attached on share options that have been granted to the Executive management of Festi.
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