Struer, 2013-09-20 13:14 CEST (GLOBE NEWSWIRE) -- Company Announcement no. 13.07
Pursuant to section 28(a) of the Danish Securities Trading Act and Nasdaq OMX's Rules for Issuers of Shares, section 3.3.5, Bang & Olufsen a/s hereby reports the transactions executed by the persons being subject to these rules.
Grant of stock options to the President, CEO Tue Mantoni
In continuation of the company's Annual General Meeting held on 19 September 2013, the President, CEO of Bang & Olufsen a/s has been granted the following special share option scheme:
| Name: | President, CEO Mr. Tue Mantoni |
| Reason: | President, CEO of Bang & Olufsen a/s |
| Issuer: | Bang & Olufsen a/s |
| Transaction type: | Grant of stock options |
| Date: | 20 September 2013 |
| Number: | 665,000 |
|
Market value in DKK (calculated in accordance with Black & Scholes): |
App. 3.7 MDKK |
The stock options granted may be exercised in 2016. The stock options may only vest and become exercisable if certain targets with respect to the company’s EBIT and share price are met. The exercise price for the stock options is fixed at 60. However, the number of shares and/or the exercise price for the stock options shall be adjusted for any dividend paid by Bang & Olufsen a/s and in case of other corporate actions that dilute the value of the options.
Each stock option entitles the holder to buy one share in Bang & Olufsen a/s with a nominal value of DKK 10, equal to 1.7% of the total share capital of the company.
The gain that may be realized under the Special Share Option Scheme at exercise is capped at 20 MDKK (before tax).
Grant of stock options to CFO Henning Bejer Beck
As part of the company's long-term incentive share option scheme, the CFO of Bang & Olufsen a/s has been granted the following share option scheme:
| Name: | CFO, Mr. Henning Bejer Beck |
| Reason: | CFO of Bang & Olufsen a/s |
| Issuer: | Bang & Olufsen a/s |
| Transaction type: | Grant of stock options |
| Date: | 20 September 2013 |
| Number: | 41,635 |
| Market value in DKK (calculated in accordance with Black & Scholes): |
App. 0.5 MDKK |
The stock options granted may be exercised in 2016. The stock options may only vest and become exercisable if certain targets with respect to the company’s EBIT and share price are met. The exercise price for the stock options is fixed at 56. However, the number of shares and/or the exercise price for the stock options shall be adjusted for any dividend paid by Bang & Olufsen a/s and in case of other corporate actions that dilute the value of the options.
Each stock option entitles the holder to buy one share in Bang & Olufsen a/s with a nominal value of DKK 10, equal to 0.1% of the total share capital of the company.
The gain that may be realized under the long-term incentive share option scheme at exercise is capped at 8 MDKK (before tax).
For further information, please contact:
Investor Relations Manager, Claus Højmark Jensen, tel: +45 9684 1251
