The Board of Directors
According to the Articles of association, Board remuneration is decided upon by the General Meeting of the Company. All Board members are non-executive.
- The Chairman of the Board receives 3 000 euros per month.
- The other members of the Board receive 2500 euros per month for any and all Board work.
- In addition, the Chairperson of the Board and other Board members will be paid for their reasonable travelling expenses to physical Board meetings.
The Board is also compensated for reasonable travel expenses.
CEO and the Management Team
CEO and the Management Team remuneration is decided upon by the Board of Directors.
The term of notice for the CEO is three months. If the company is terminating the agreement with the CEO, and the CEO is working the whole six months, the term of notice is six months.
Besides the option program, the CEO and the Management Team does not have a bonus system.
Option program 2015
The extraordinary general meeting of February 24, 2015 authorized the Board of Directors to decide upon granting option rights to key personnel of the company. The Board of Directors, in its meeting on May 18, 2015, approved the 2015 option rights. Option rights were issued for a total maximum number of 1,910,000, and they entitle their holders to subscribe for no more than 1,910,000 new series K shares in or possessed by the company.
Of the share options, 1,004,330 are marked with the symbol 2015A; 301,890 with the symbol 2015B; 301,890 with the symbol 2015C, and 301,890 with the symbol 2015D. The option rights were to key personnel without consideration. Each option right entitles its holder to subscribe for one (1) new share in the Company or existing share held by the Company. The share subscription period for share options 2015A is July 1, 2016–December 31, 2021, for share options 2015B January 1, 2018–December 31, 2021, for share options 2015C January 1, 2019–December 31, 2021 and for share options 2015D January 1, 2020–December 31, 2021. The share subscription price with option right 2015A is 1.25 euros, i.e. twenty per cent (20%) less than the subscription price in the initial public offering, with option right 2015B 1.56 euros, i.e. the same as the subscription price in the initial public offering, with option right 2015C 1.56 euros, i.e. the same as the subscription price in the initial public offering, and with option right 2015D 1.56 euros, i.e. the same as the subscription price in the initial public offering. The subscription price of a share subscribed for with an option right may be set lower in special cases. Notwithstanding this, the subscription price of the share is always a minimum of 0.01 euros per share.