SSH COMMUNICATIONS SECURITY CORPORATION STOCK EXCHANGE RELEASE FEBRUARY 13, 2020 AT 5:45 PM EET
THE BOARD OF SSH COMMUNICATIONS SECURITY CORPORATION HAS DECIDED ON A NEW STOCK OPTION PLAN
Based on the authorization granted by the Annual General Meeting of Shareholders held on 26 March 2019, the Board of Directors of SSH Communications Security Corporation has decided to issue stock options to selected key personnel of the company and to a wholly-owned subsidiary if so separately decided by the Board of Directors, on the enclosed terms and conditions.
The stock options shall be offered in deviation from the shareholders' pre-emptive rights. The stock options shall be issued free of charge.
There is an especially weighty financial ground for the Company, also observing the interests of all the Company’s shareholders, to deviate from the shareholders’ pre-emptive subscription right in the issuance of the stock options (directed share issuance without payment) since the stock options are intended to form part of the incentive and commitment program of the key personnel of SSH Communications Group and to motivate the key personnel to work on a long-term basis to increase shareholder value of the company.
The maximum total number of stock options shall be 980,000, which entitle to subscribe for a total maximum of 980.000 shares of SSH Communications Security Corporation. Each stock option entitles to subscribe for one (1) new share.
The maximum number of shares which may be subscribed with the stock options is approximately 2.2 percent of the company’s shares on a fully diluted basis.
All stock options shall be marked with the symbol 2020A.
The share subscription price for the shares shall be the trade volume weighted average quotation of the company's share on Nasdaq Helsinki Ltd. during a one-month period following the publication of the company's annual results for the year 2019 (with said publication date not included in said period).
The share subscription price shall be reduced by an amount equal to the dividends and funds distributed through a distribution of funds from the distributable equity fund decided after the end of the period for determination of the share subscription price but before share subscription.
The share subscription price shall, however, always be at least the nominal value of the share.
From the share subscription price, an amount equal to the nominal value of the share shall be transferred to the share capital and the amount in excess to the fund for invested non-restricted equity.
The share subscription period will be from December 1, 2022, to March 31, 2024.
The complete terms and conditions of the Stock Option Plan are attached to this release.
SSH COMMUNICATIONS SECURITY CORPORATION
Board of Directors
For further information, please contact:
Kaisa Olkkonen, CEO, telephone +358 40 579 5216
Distribution:
Nasdaq Helsinki Ltd.
Major media
www.ssh.com
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