Under its share option programme for senior management, Orkla has awarded each of acting Group President and CEO Dag J. Opedal and Exec. Vice-President Roar Engeland 30,000 new options.
They will be entitled to buy a corresponding number of Orkla shares at a strike price of NOK 238.70. These options may not be exercised until after the publication of Orkla's financial results for 2007 (in February 2008) and will expire on 28 February 2011.
Moreover, Orkla ASA is obliged to award each of Opedal and Engeland 30,000 options a year from now at a strike price equal to market price on the award date plus 10%. These options may not be exercised until after the publication of Orkla's financial results for 2008 (in February 2009) and will expire on 15 December 2011.
Moreover, on 14 February 2005, acting Group President and CEO Dag J. Opedal has bought 4,500 shares in Orkla ASA at a price of NOK 214.50.
The result of the above transactions is as follows:
Name - options received - Total options now held - Option award in 2006 if not released - Total shareholding - Cash bonus (syntetic options).
Dag J. Opedal - 30,000 - 160,000 - 30,000 - 21,213 - 70.000.
Roar Engeland - 30,000 - 160,000 - 30,000 - 13,102 - 68.000.
After these transactions a total of 1,870,579 options in Orkla have currently been issued. Moreover, Orkla has an exposure through a cash-settled financial derivative of 450,000 underlying shares in the hedge position related to the remaining 448,500 syntetic options of the cash bonus programme.
Orkla currently holds 6,415,471 own shares.