Correction: Long Term Share-based incentive programme
This corrected announcement replaces company announcement no. 20.18. Pursuant to Bang & Olufsen A/S’ Remuneration Policy, the Board of Directors has resolved to allocate restricted shares under Bang & Olufsen A/S’ Combined Performance and Retention Share Programme for 2020/21 to the Executive Management Board, key employees and certain other employees.
Two thirds of the restricted shares are Performance Shares that are eligible for vesting in equal tranches over the three financial years 2020/21, 2021/22 and 2022/23 depending on the level of achievement of certain KPIs defined by the Board of Directors for each performance year. The KPI metrics for 2020/21 relates to Bang & Olufsen A/S’ revenue and EBIT (before special items) in 2020/21.
The remaining shares are Retention Shares, which are subject to the participants’ continued employment with Bang & Olufsen A/S and satisfactory people review ratings in the course of the three-year period. The Retention Shares also vest in three equal tranches over the period.
The maximum number of shares that the participants will be able to receive pursuant to the programme is 3,449,154. Any vested restricted shares will be released after the general meeting’s approval of the annual report for 2022/23, provided vesting and release may be accelerated in certain extraordinary events as described in the company's remuneration policy.
Based on the volume-weighted average price of the Company’s shares traded on Nasdaq Copenhagen since the publication of the 2019/20 Annual Report, the total value of the restricted shares for all participants at the time of allocation amounts to DKK 22.4m assuming achievement of target level performance.
For further information, please contact:
Martin Raasch Egenhardt
Director, Investor Relations
Phone: +45 5370 7439
Head of Group Communications
Phone: +45 2496 9371