Electronics Production | October 25, 2007
Elcoteq Launches a New Incentive Plan
The Board of Directors of Elcoteq SE has decided to approve an incentive plan for the motivation and commitment of the company's key personnel by means of a share subscription plan.
The potential reward from the plan is based on reaching the targets set by the Board of Directors for the Group's consolidated income before taxes for the full year 2008. Based on the achieved targets the company would issue a maximum of 1,500,000 new series A shares of which 50% would be issued during March 2009 and the remaining 50% during November 2009. The new series A shares, if any, will be issued under the authorization granted to the Board of Directors by the Annual General Meeting on March 22, 2007. The same meeting decided to transfer the company domicile to the Grand Duchy of Luxembourg which takes place on January 1, 2008. Therefore, it is foreseen that the issue of new series A shares due to the share subscription plan in 2009 will be carried out under Luxembourg law and in accordance with the new Articles of Association of Elcoteq SE approved at the Annual General Meeting of March 22, 2007.