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Schibsted (Other OTC:SBSNF.PK) Key persons in the Schibsted Group have been allotted options in the Schibsted share, as a part of the rolling options programme. According to resolution passed at the annual general meeting in Schibsted ASA on the 8 May 2008, the option programme includes up to 198 750 options in 2008.
The objective of the options programme is to promote long-term value creation by contributing to increased ownership by key managers of the Schibsted Group and to ensure that the management and shareholders have common interests due to their share ownership.
The allotment price and the exercise price for the options allotted in 2008 is NOK 166,70, based on the stock price one week prior to and one week after the public announcement of the results for Q1 2008 (9 May 2008). The exercise price is the same throughout the accrual period and the exercise period. Right to exercise options normally occurs after a 3 years accrual period. The exercise has to take place within the two years following the accrual period.
The option programme constitutes an obligation to reinvest. When option-holders sell shares acquired by exercising options, they must use at least 50 % of the net gain after tax to acquire further shares u\in Schibsted. These shares can not be sold until at least three years after they were bought.
A maximum gain that the option holders can achieve per share has been introduced. The maximum annual gain has been set to 35 %. With 2008 allotment price of NOK 166,70, the highest price an option can be exercised at is NOK 410,14, which equals a gain of NOK 243,44 per option share.
The following individuals are included in the allotment of options:
Allotted no. of Total no. options of Shareholding Position Name 2008 options per today
