long-term share based incentive plan 2018
The AGM resolved to adopt the board's proposal of a long-term share based incentive plan (“LTIP 2018”). LTIP 2018 comprises approximately seven employees consisting of senior executives and other key employees. The specific purpose of LTIP 2018 is to offer the executive management of the recently acquired company Open Wave Mobility, and certain members of the executive management of Enea who did not participate in LTIP 2017, a long-term incentive. None of the participants in LTIP 2017 will participate in LTIP 2018. The participants are allocated performance share rights, which provide the participant with a right to acquire shares. Following the defined vesting period, the participants will, free of charge, be allocated shares in the Company provided that certain conditions are fulfilled. The vesting period for LTIP 2018 commences when the participant enters into an agreement regarding participation in the plan and expires in connection with the announcement of the Company’s interim report for the first quarter in 2021. Allocation of shares requires the participant to remain employed within the Enea Group during the vesting period. In addition, a pre-requisite for the allocation of shares is that certain performance targets are fulfilled concerning Enea’s average yearly growth in turnover, average yearly increase in the operating profit and average yearly growth in earnings per share during 2018-2020. The maximum value (including any compensation that the participants receive for paid dividends) that a participant can receive for each share right is limited to SEK 312, which is 400 per cent of the average Enea share price during a period of ten trading days immediately following the announcement of the year-end report on 8 February 2018. The maximum number of shares in the Company, which may be allocated in total under the LTIP 2018, shall be limited to 180,000, which represents approximately 0.9 percent of all outstanding shares and votes in the Company.