Finance Director Tom Wrensted has been promoted to Chief Financial
Officer (CFO) and joins the Group's Executive Board.
Tom Wrensted (42) took up the position of Group Finance Director in
April 2007 after previously having been Finance Director of Hartmann
North America. Before joining Hartmann, Tom Wrensted was Finance
Director of ISS Healthcare, and before then he held several financial
positions with Ecco and, later, Danfoss, where his last position with
the company was that of Finance Manager in Japan and Korea.
Executive Board now consists of CEO Peter A. Poulsen and CFO Tom
Wrensted.
Option programme for CFO Tom Wrensted
Earlier this year the Board of Directors of Brødrene Hartmann A/S has
approved a 4-year share option programme for CFO Tom Wrensted with an
annual allocation.
Allocation
The allocation involves the right to acquire the number of shares
obtainable for an amount up to half of the annual fixed pay less
benefits, in this case a maximum of DKK 690,000. The allocation
criteria are as follows:
* 50% to be allocated without any performance criteria
* Up to a further 50% to be allocated on the basis of the degree to
which the bonus targets are met.
The annual allocation of share options generally takes place 15 days
after the publication of the Group's Annual Report for the past
fiscal year, starting with the fiscal year 2007. However, in
connection with the launch of the programme for Tom Wrensted, the
number of share options allocated corresponds to the proportion
without any performance criteria attached. Thus, the number of share
options earned comes to 1,659 at an exercise price of DKK 208.
The exercise price is determined as the average of the share price
for a period of 10 days following the publication of the Group's
Annual Report. There will be no annual indexation factor, nor will
there be any deductions for dividend pay-outs. The exercise period
for the share options is three to five years upon allocation.
Accordingly, options allocated in 2007 may be exercised in the period
from 2010 to 2012. Exercise is restricted to the periods during
which, according to the internal rules, trading in Group shares is
allowed.
Fair market value
Based on the current amount in fixed pay, the maximum value of the
options comes to DKK 1.1 million for the total period, determined on
the basis of the Black-Scholes model. The calculation presupposes a
volatility of 30% and a risk-free interest rate of 4.3% and the
exercise of the options at the earliest possible time.
Total number of share options earned
The share option programme is intended to ensure a commonality of
interests between the Group's Management and its shareholders, and it
builds upon the granting of options that involve a right to buy
shares in the company. The programme is covered by the Group's
portfolio of treasury shares which currently amounts to 2.9%, or
100,000 shares. The total number of share options earned by the
Executive Board stands at 4,183 options at an exercise price of DKK
208.
Kind regards
Brødrene Hartmann A/S
Further information is available from:
Peter Arndrup Poulsen
CEO
Brødrene Hartmann A/S
Tel: +45 45 87 50 30
Mobile: +45 51 51 40 69
