Festi hf.: Allocation of share options

At Festi Board meeting on April 23, 2024, a decision was made to grant key employees of the Group share options covering a total of 4,725,000 shares in the Company, corresponding to 1.57% of the Company's issued share capital. The CEO and the Executive management of the Company were granted share options for a total of 1,890,000 shares or 270,000 shares each.Share option agreements for the allocated shares were signed today, April 24, 2024. Their terms are in accordance with the resolution...

Kopavogi, 24/04/2024 (informazione.it - comunicati stampa - servizi)

At Festi Board meeting on April 23, 2024, a decision was made to grant key employees of the Group share options covering a total of 4,725,000 shares in the Company, corresponding to 1.57% of the Company's issued share capital. The CEO and the Executive management of the Company were granted share options for a total of 1,890,000 shares or 270,000 shares each.

Share option agreements for the allocated shares were signed today, April 24, 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 will cover 4,725,000 shares, or 1.57% of the Company's issued share capital, which Festi has granted to 39 employees in the Group.

The estimated total expense (charge) for the share options, based on the Black Scholes model, amounts to ISK 122 million.

At the Festi Annual General Meeting on March 6, 2024, the Board of Directors was also authorised to approve a share option program based on Article 10 of Act no. 90/2003 on income tax and enter into share option agreements with all permanent employees of the Group regarding the purchase of shares in the Company, see the attached document. All permanent employees of the Group have been offered share options in the Company in accordance with that resolution at the same price as previously reported. The result of that allocation will be announced when the final participation is known, before the opening of the markets on Thursday, May 2, 2024.

Information is attached on share options that have been granted to the CEO and Executive management in respect of both share option schemes.

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