In accordance with the option program for key personnel at the Schibsted group, 105,000 options were exercised on Tuesday 11 December. 97,500 of the options were granted in 2003 with a strike price of NOK 98 per share, and the remaining 7,500 options were granted in 2004 with a strike price of NOK 120 per share. As a consequence of adjustments in the option program, the options granted in 2003 must be exercised before 31.12.2007, and the options granted in 2004 must be exercised before 31.12.2008. Schibsted ASA has, as a consequence of the exercise, sold 105,000 shares from the stock of own shares at the above mentioned strike prices. After the transaction, Schibsted ASA holds 3,235,336 own shares.
There is a requirement to reinvest in shares for all key personnel until the value of the total no. of shares owned is:
- CEO: 2* gross salary
- EVP’s: 1* gross salary
- Other option holders: ½* gross salary
If the reinvestment requirement is not fulfilled, the option holder has to buy shares for 50 % of the profit after tax.
The following key personnel have exercised options and reinvested shares:
Hans Erik Matre
* Options granted in 2004.
98,250 shares were subsequently sold through the Oslo Stock Exchange at the average price of NOK 251.06 per share. Out of the key personnel mentioned above, Hans Erik Matre is now the only one who is not fulfilling the requirement of reinvestment. Olav Mugaas and Einar Hanseid is no longer part of the option program and therefore they have no requirement to reinvest.
Oslo, 12 December 2007