At the Annual General Meeting of Festi, held on 6 March 2024, the Board of Directors was authorized to approve a share option scheme and to enter into share option agreements with permanent employees of the Group, in compliance with Article 10 of the Income Tax Act No. 90/2003. Share option agreements have now been concluded with employees in accordance with the approved share option scheme. According to the scheme the share option applies to all permanent employees of Festi and its subsidiaries. The purpose of the scheme is to align the interests of the Group’s employees with the performance and long-term goals of the company, and thus the long-term interest of its shareholders.
According to the scheme each option holder acquires the right to buy shares in Festi for up to ISK 500,000 once a year for three years, i.e. after the publication of quarterly results for the 1st quarter for the years 2025, 2026 and 2027. Option holder is permitted to defer exercising the option, in whole or in part, during the first and/or second exercise period until the next period. At the end of the third exercise period, all unexercised share options will expire.
The purchase price is the average traded price in transactions with the company’s shares 10 business days preceding the agreement date, which is 24 April 2024, or ISK 191.50 a share.
A total of 1.118 employees of the Group participated in the scheme on up to 2,917,980 shares per year, or 8,753,940 share for all three years, based on 100% exercise of share options.
This share option scheme complies with Article 10 of the Income Tax Act No. 90/2003 and was confirmed by the Directorate of Internal Revenue on 8 April 2024.
The share option scheme is attached.
For further information, please contact Ásta S. Fjeldsted, CEO of Festi - asta@festi.is or Magnús Kr. Ingason, CFO of Festi – mki@festi.is
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