PhotoCure - New Share Option Plan
The Board of Directors in PhotoCure ASA has resolved a new three years share option plan for PhotoCure's employees. The new plan is designed as an extension to the existing plan, which implies that all employees will enter the new plan as their existing plan expires.
Under the new share option plan, the Board has for year 2002 allotted 100,000 new subscription rights to subscribe for 100,000 shares. A total of 50,000 of these subscription rights are allotted to management in the company. The subscription rights can only be exercised if certain milestones and goals in the budget for 2002 are achieved. If the goals are achieved, the subscription rights can be exercised until the 31st of December 2005 with the following constraints: 1/3 of the subscription rights can be exercised at the earliest in year 2003, 1/3 can at the earliest be exercised in year 2004 and the remaining 1/3 can at the earliest be exercised in 2005. The strike price of the shares is NOK 107.50, which is equal to the closing price of 13th of December 2001.