TULIKIVI CORPORATION STOCK EXCHANGE RELEASE 17 March 2016 at 10.15 am.
VESTING CRITERION OF TULIKIVI CORPORATION STOCK OPTIONS 2013 AND MARKET VALUE OF STOCK OPTIONS 2013C
The Board of Directors of Tulikivi Corporation decided on 17 September 2013 to issue stock options to the Tulikivi Group key employees. The number of stock options is 1,800,000 and they entitle their owners to subscribe for as many new series A shares or series A shares held by the company. The share subscription period is 1 May 2016–31 May 2018 for stock option 2013A; 1 May 2017–31 May 2019 for stock option 2013B; and 1 May 2018–31 May 2020 for stock option 2013C. The share subscription price of the stock options is EUR 0.33 per share. The Board of Directors will determine separate financial targets based on the company’s performance improvement program for vesting of each stock option class.
The Board of Directors has decided to convert 80,000 stock options 2013A to stock options 2013B and 2013C. After the conversion, the number of stock options is 2013A: 500,000, 2013B 650,000 and 2013C 650,000.
The targets established for the 2015 financial year´s Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) regarding the stock options 2013A and 2013B were not achieved. The Board of Directors decided to establish new targets for the financial year 2016. The share subscription period for stock options 2013A, 2013B and 2013C will begin only if the targets established for the 2016 financial year’s EBITDA are fulfilled.
The number of stock options 2013C is 650,000. The theoretical market value of one stock option 2013C is EUR 0.04 per stock option. The theoretical market value of the stock options 2013C is EUR 26,000 in total. The theoretical market value of one stock option has been calculated using the Black & Scholes stock option pricing model with the following input factors: share price EUR 0.22, share subscription price EUR 0.33, risk free interest rate -0.24%, time to maturity of stock options approximately 4.2 years and volatility 38%. The theoretical market value of the stock options has not been adjusted downward for the probability the targets established for the vesting criterion not being fulfilled.
The terms and conditions of the stock options 2013 has been published on 17 September 2013.
TULIKIVI CORPORATION
Heikki Vauhkonen
Managing Director
Distribution:
Nasdaq Helsinki Ltd
Key Media
Additional information: Heikki Vauhkonen, Managing Director, tel. +358 207 636 555