Variable remuneration, Parent Company
Variable remuneration for the CEO
The agreement for the CEO applies since 2017. The variable remuneration is based on net sales and EBITDA, and is subject to an upper limit of TSEK 960.
Remuneration of TSEK 480 (480) has been paid out during 2017.
Agreements regarding severance pay
For the CEO the Company has a severence agreement of 3 months. The Company does not have any signed agreements regarding severance pay or similar benefits to Members of the Board, or other senior executives.
In 2017 a severence payment of 6 months salary has been provisioned for the former CEO.
Other group executives
In December 2017 other senior executives included Niki Gatsonides, Timo Gatsonides, and Bram Mulder.
Variable remuneration for group executives and management
The agreement for the senior executives and management team applies since 2017. The variable remuneration is based on individual performance and is subject to an upper limit of 6 months salaries. Remuneration of TSEK 420 (2,494) has been paid out during 2017.
Variable remuneration in subsidiaries
There are separate agreements for variable remuneration in the different subsidiaries.
Variable remuneration for employees
For subsidiaries in Netherlands, USA, Australia, and Germany a variable remuneration to an upper limit of 1% of the net result (after taxasion) or between 0 and 3 months salary depending on performance on individual basis.
For subsidiary in Sweden an agreement has been in force since 2009, and entitles employees to a bonus defined as the lower of:
(i) 5 percent of net earnings for the current year, subject to a limit of MSEK 3.
(ii) An amount corresponding to two months’ salaries for bonus-entitled staff at the end of the bonus year.
Variable remuneration is paid in the year after the financial year. Variable remuneration in 2017 totalled TSEK 0 (0).
Long term incentive program for the CEO
The Company has during 2017 established a long term incentive program for the CEO Ivo Mönnink.
The CEO will, under the program, be granted, free of charge, options subject to three year vesting (October 2017-September 2020) that entitle to acquire not more than 6,000,000 shares in the Company. The exercise price is SEK 0.81 corresponding to 130 percent of the volume weighted average price of the Company’s shares on Nasdaq Stockholm for the period from and including 28 September 2017 to and including 11 October 2017. The maximum number of shares that may be issued pursuant to an exercise of options under the program is 7,980,000 shares (including exercise of warrants for hedging of social security costs), corresponding to a maximum dilution of approximately 1.2 percent.
During 2017 the value of this benefit has been SEK 16,458 which has been charged towards share capital.