Share-based incentive programme
Pursuant to Bang & Olufsen a/s’ general guidelines concerning incentive-based remuneration and the matching shares programme, the Board of Directors on 11 July 2019 made grants to the Company’s Executive Management Board and certain other key employees, see announcement 19.03. The Board of Directors have now made grants to the new CEO Kristian Teär.
In accordance with the programme, the participants are offered the opportunity to acquire shares in the Company at their own cost which three years after the grant will provide the right to receive a number of matching shares in the Company per investment share against no consideration, depending on fulfilment of certain performance targets.
The defined performance targets are determined by the Board of Directors and are related to the achievement of certain KPI targets with respect to the Company’s net sales, EBIT and free cash flow.
The total number of matching shares which the participants including the new CEO Kristian Teär will be able to receive based on the grants made is 980,460. The theoretical market value of the programme based on the closing share price 31 October 2019 amounts to DKK 19.1 million based on a likely level of achievement of the performance targets of 2.5, i.e. two and a half (2.5) matching shares per investment share.
For further information, please contact:
Martin Raasch Egenhardt
Director, Investor Relations
Phone: +45 5370 7439
Head of Group Communications
Phone: +45 2496 9371