Novo Nordisk A/S: 2013 Long-Term, Share Based Incentive Program for the Senior Management Board
Published: Mar 21, 2013
BAGSVAERD, DENMARK--(Marketwire - March 21, 2013) - The long-term, share-based incentive programme for 2013 for the Senior Management Board has been approved by the Board of Directors.
Long-term, share-based incentive programme for senior management
As from 2004, members of Novo Nordisk's Executive Management and other members of the Senior Management Board have participated in a performance-based incentive programme where a proportion of the calculated shareholder value creation has been allocated to a joint pool for the participants. For members of Executive Management and other members of the Senior Management Board, the joint pool has had a yearly maximum allocation per participant equal to eight months' fixed base salary plus pension contribution. At yesterday's Annual General Meeting, it was approved to raise the potential maximum allocation per participant from Executive Management to a value equal to 12 month's fixed base salary plus pension contribution.
Once the joint pool for a given year has been approved by the Board of Directors, the total cash amount is converted into Novo Nordisk B shares at market price. The market price is calculated as the average trading price for Novo Nordisk B shares on NASDAQ OMX Copenhagen in the open trading window following the release of the full-year financial results for the year preceding the year of the performance-based incentive programme. The shares in the joint pool are locked up for a three-year period before they are transferred to the participants. In the lock-up period, the Board of Directors may remove shares from the joint pool in the event of lower than planned value creation in subsequent years.
Company announcement No 22 / 2013: http://hugin.info/2013/R/1686991/553159.pdf
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Source: Novo Nordisk A/S via Thomson Reuters ONE
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