The technology company Sivers Semiconductors’ board proposes a new long-term incentive program comprising a maximum of 7.28 million employee stock options, corresponding to approximately 2 percent of the shares and votes after dilution. This is stated in the notice of an extraordinary general meeting on October 22.
The program, P11, is aimed at employees in the US, Scotland, Sweden, India and China. The options are granted at no cost and vest after three years. Each option thereafter entitles the holder to purchase one share at 110 percent of the volume-weighted average price during the five trading days preceding the grant.
The CEO may be granted a maximum of 1 million options, while other employees will receive different maximum grants depending on their position. Together with existing incentive programs, the maximum dilution could amount to approximately 6.1 percent.
The board justifies the program by the need to retain and recruit employees and create a long-term incentive for them. The proposal requires the support of at least nine-tenths of both the votes cast and the shares represented at the meeting.
