The board of Net Insight has decided to call an extra general meeting on October 28 for decision of a new employee stock option plan. The board recommends that the extra general meeting makes a decision to accept Net Insight AB 2004 Employee Stock Option Plan (”ESOP”) and makes a decision to, within ESOP, issue staff options with the possibility to acquire up to 6,700,000 shares series B in Net Insight.
Notice for the extra general meeting will contain further information, among others that the board finds that a personal long-term engagement of ownership of the employees can be expected to stimulate an increased interest for the business and the development of earnings, increase the motivation and strengthen the long term interest in the company. The ESOP should therefore be advantageous to Net Insight and its shareholders.
Employee stock options would be offered employees of Net Insight and its subsidiaries. New in this ESOP, is that the number of shares that will be possible to acquire with the support of a stock option, is dependent upon fulfillment of certain predefined result and development goals at a specific time, both the result as well as the development goals are decided by the board. For competitor reasons, these goals will not be further communicated.
To ensure that Net Insight can fulfill its commitment to the employees when utilizing the employee stock option and to hedge against a potential influence on the cash flow due to social security expenses for the program, the board proposes that Net Insight shall raise a subordinated loan of a nominal value of maximum SEK 100 through an issue of a subordinated debenture in aggregate maximum 8,900,000 warrants for subscription of shares of series B in Net Insight to the wholly owned subsidiary Net Insight Consulting AB.
A notice to the extra general meeting will be published in Svenska Dagbladet and Post- och inrikes Tidningar.
For more information, please contact:
Tomas Duffy, CEO, Net Insight AB.
Phone: +46 8 685 04 00, e-mail: tomas.duffy@netinsight.net