Key employee share options 2010
In accordance with the proposal of the Board, the Annual General Meeting resolved that, in deviation from shareholders' pre-emptive rights, the key personnel of Stockmann and its subsidiaries be granted 1 500 000 share options. The deviation from the shareholders' pre-emptive rights was proposed because the share options are part of the incentive and commitment scheme for the Group's key personnel and constitutes an important element in maintaining the Company's competitive advantage on the international recruitment market. Of these share options, 500 000 will be classified as share options 2010A, 500 000 as share options 2010B and 500 000 as share options 2010C. The subscription period for shares with the share options 2010A will be 1 March 2013 - 31 March 2015, with the share options 2010B 1 March 2014 - 31 March 2016 and with the share options 2010C 1 March 2015 - 31 March 2017. Each share option entitles its owner to subscribe for one (1) Stockmann plc Series B share, which means the share options entitle their owners to subscribe a maximum total of 1 500 000 shares.
The share subscription price with the share option 2010A will be the volume-weighted average price of the Series B share on the Helsinki stock exchange during the period 1 - 28 February 2010 increased by 20 per cent, i.e. EUR 26.41. The share subscription price with the share option 2010B will be the volume-weighted average price of the Series B share on the Helsinki stock exchange during the period 1 - 28 February 2011 increased by 10 per cent, i.e. EUR 25.72 . The share subscription price with the share option 2010C will be the volume-weighted average price of the Series B share on the Helsinki stock exchange during the period 1 - 29 February 2012 increased by 10 per cent, i.e. EUR 18.00. The share subscription price with the share options will be decreased on each record date for dividend distribution by the amount of dividend decided after the beginning of the subscription price determination period but before the share subscription.
Key employee share options 2006
The Annual General Meeting held on 21 March 2006 approved the Board of Directors' proposal on granting share options to key employees of the Stockmann Group. A total of 1 500 000 share options were granted to key employees belonging to the senior and middle management of Stockmann and its wholly-owned subsidiary. Of the share options, 375 000 were bearing the marking 2006A, 375 000 the marking 2006B, 375 000 the marking 2006C, and 375 000 the marking 2006D. The subscription period for shares with share option 2006A was 1 March 2008 - 31 March 2010, with share option 2006B 1 March 2009 - 31 March 2011 and with share option 2006C 1 March 2010 - 31 March 2012. No share subscriptions were made with the share options 2006A, 2006B and 2006C. The share options 2006D lapsed 31.12.2010, as the criteria linked to the Group's financial targets as determined by the Board of Directors prior to the distribution of these share options weren't met.