Remuneration & incentives
Remuneration to Board of directors
The Remuneration Committee is responsible for the preparation of the Board of Director’s proposal to the Annual General Meeting for a policy on remuneration and other terms of employment for senior management. The proposal shall be timely submitted to the Board of Directors to be decided upon. The proposal is prepared by the Remuneration Committee in line with market practice for listed companies.
Remuneration to the board members, including the Chairman, is determined at the Annual General Meeting.
At the Annual General Meeting 2018, it was resolved that the total compensation for the board members for the 2018 financial year shall amount to EUR 180,000 to be allocated accordingly:
Christian Lundberg -EUR 50,000
Johan Svensson -EUR 30,000
Erik Skarp -EUR 30,000
Fredrik Svederman -EUR 40,000
Annika Billberg -EUR 30,000
Remuneration to Senior executives
With the exception of compensation for the CEO, remuneration for senior executives is determined by the CEO and consists of a fixed salary (including pension benefits) and other customary benefits.
Compensation for the CEO is determined by the Board of Directors and consists of a fixed salary and other customary benefits. The CEO has a period of notice of termination of nine months and the CFO has a period of notice of termination of six months. The Company’s other senior executives have a period of notice of termination of three months.
In addition to that what is stated above and to the customary severance compensation, no senior executive is entitled to any compensation after their respective employment has ended.
The Company has currently implemented one share-based incentive programme. For further description of this incentive programme, please see the full proposal which was adopted at the Annual General Meeting and which is available on this website. In the programme, certain employees and consultants within the group can be allotted up to 491,346 option rights free of charge, corresponding to, in total, maximally 491,346 new shares and a dilution amounting to approximately 2 percent. No members of the board of directors participate in the programme. A total of 490,117 option rights have been allotted to fourteen employees and a key person with a consultancy assignment in the group.
The options are offered in two tranches whereof the first (“Tranch I”) comprises 20 percent and the second (“Tranch II”) comprises 80 percent of the total amount of options the programme.
Tranch I may e.g. be utilised for six months from the first date of trading in the Company’s shares, i.e. between 29 June 2018 and 29 December 2018. Under Tranch I the exercise price for the options is EUR 3.66 per share.
Tranch II may e.g. be utilised for the six months period which starts on the date 24 months from the first date of trading in the company’s shares, i.e. between 29 June 2020 and 29 December 2020. Under Tranch II the exercise price for the options is the price final determined in the IPO.