Share subscripition price of Tulikivi Corporation stock

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News Desk 2018
Share subscripition price of Tulikivi Corporation stock options 2013, market value and vesting criterion of stock options 2013A

TULIKIVI CORPORATION                  Stock Exchange Release            

                                                            26 November 2013 at 10.30

SHARE SUBSCRIPTION PRICE OF TULIKIVI CORPORATION STOCK OPTIONS 2013, MARKET VALUE AND VESTING CRITERION OF STOCK OPTIONS 2013A

The Board of Directors of Tulikivi Corporation decided on 17 September 2013 to issue stock options to the Tulikivi Group key employees on the basis of the authorization granted by the Company’s Annual General Meeting held on 16 April 2013. The share subscription price for all stock options 2013 is EUR 0.33 per share (the share subscription price in the Company’s share issue announced on 8 October 2013). Each year dividends and equity returns will be deducted from the share subscription price. 

A total of 1,800,000 new series A shares or existing series A shares held by the Company may be subscribed for with stock options 2013. The share subscription period, for stock option 2013A will be 1 May 2016—31 May 2018, for stock option 2013B, 1 May 2017—31 May 2019, and for stock option 2013C, 1 May 2018—31 May 2020. For vesting of each stock option class, the Board of Directors will establish financial targets related to the Company’s performance improvement program separately for each stock option class. The share subscription period for stock options 2013A will begin only if the targets established for the 2014 financial year’s Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) adjusted by non-recurring items are fulfilled.

The number of stock options 2013A is 580,000. The theoretical market value of one stock option 2013A is EUR 0.10 per stock option. The theoretical market value of the stock options 2013A is EUR 58,000 in total. The theoretical market value of one stock option has been calculated through the use of Black & Scholes stock option pricing model with the following input factors: share price EUR 0.32, share subscription price EUR 0.33, risk free interest rate 0.89%, validity of stock options approximately 4.5 years and volatility 37%. The theoretical market value of the stock options has not been adjusted downward for the probability of not fulfilling the targets established for the vesting criterion. 

The terms and conditions of the Stock Options 2013 are available on the Company’s internet pages www.tulikivi.com .

TULIKIVI CORPORATION

Board of Directors

Distribution: NASDAQ OMX Helsinki Ltd

Key Media

www.tulikivi.com

Additional information: Tulikivi Corporation, FIN-83900 Juuka, www.tulikivi.com

 - Heikki Vauhkonen, Managing Director, tel. +358 207 636 555

- Harri Suutari, Chairman of the Board of Directors, tel. +358 400 384 937

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