Corporate Governance

Incentive Programs

Long-term Share Based Incentive Plan 2021

The AGM in May 2021 resolved in accordance with the proposal from the board on a long-term share-based incentive plan (LTIP 2021) and hedging measures in accordance with the below.

LTIP 2021 comprises approximately 30 employees consisting of senior executives and other key employees. The participants are allocated performance based share rights, which provide the participant with a right to acquire shares. Following the defined vesting period, the participants will, free of charge, be allocated shares in the company provided that certain conditions are fulfilled. Allocation of shares presupposes, with certain limited exceptions, the participant to remain employed within the Enea Group during the vesting period. In addition, a pre-requisite for the allocation of shares is that certain performance targets are fulfilled by Enea concerning Enea’s development in earnings per share. The maximum number of shares in the company, which may be allocated in total under the LTIP 2021 shall be limited to 243,000, which represents approximately 1.1 percent of all outstanding shares and votes in the company.

In order to secure delivery of shares to the participants in LTIP 2021, the Annual General Meeting further resolved on hedging measures by way of (i) amendment of the Articles of Association in order to enable issues of series C shares, (ii) to authorize the board to resolve on directed issues of series C shares, whereby the new shares, with deviation from the shareholders’ preferential rights, only may be subscribed for by a bank or a securities company at a subscription price which corresponds to the quota value of the shares; (iii) to authorize the board to resolve to repurchase own series C shares; and (iv) to approve transfer of own ordinary shares to the participants under LTIP 2021.

More information about the program can be found at material for the Annual General Meeting 

Long-term Share Based Incentive Plan 2019

The AGM in May 2019 resolved to adopt the board’s proposal of a long-term share based incentive plan (“LTIP 2019”). LTIP 2019 comprises approximately 25 employees consisting of senior executives and other key employees. The participants are allocated performance share rights, which provide the participant with a right to acquire shares. Following the defined vesting period, the participants will, free of charge, be allocated shares in the Company provided that certain conditions are fulfilled; The vesting period for LTIP 2019 commences when the participant enters into an agreement regarding participation in the plan and expires in connection with the announcement of the Company’s interim report for the first quarter in 2022. Allocation of shares requires the participant to remain employed within the Enea Group during the vesting period. In addition, a pre-requisite for the allocation of shares is that certain performance targets are fulfilled concerning growth in earnings per share during the financial years 2019-2021. The maximum value that a participant can receive for each share right is limited to SEK 551. The maximum number of shares in the Company, which may be allocated in total under the LTIP 2019 shall be limited to 438,000, which represents approximately 2.3 percent of all outstanding shares and votes in the Company.

 More information about the program can be found at material for the Annual General Meeting 

Long-term Share Based Incentive Plan 2018

The AGM in May 2018 resolved to adopt the board’s proposal of a long-term share based incentive plan (“LTIP 2018”). LTIP 2018 comprises four  employees consisting of senior executives and other key employees. The specific purpose of LTIP 2018 is to offer the executive management of the recently acquired company Open Wave Mobility, and certain members of the executive management of Enea who did not participate in LTIP 2017, a long-term incentive. None of the participants in LTIP 2017 will participate in LTIP 2018. The participants are allocated performance share rights, which provide the participant with a right to acquire shares. Following the defined vesting period, the participants will, free of charge, be allocated shares in the Company provided that certain conditions are fulfilled. The vesting period for LTIP 2018 commences when the participant enters into an agreement regarding participation in the plan and expires in connection with the announcement of the Company’s interim report for the first quarter in 2021. Allocation of shares requires the participant to remain employed within the Enea Group during the vesting period. In addition, a pre-requisite for the allocation of shares is that certain performance targets are fulfilled concerning Enea’s average yearly growth in turnover, average yearly increase in the operating profit and average yearly growth in earnings per share during 2018-2020. The maximum value (including any compensation that the participants receive for paid dividends) that a participant can receive for each share right is limited to SEK 312, which is 400 per cent of the average Enea share price during a period of ten trading days immediately following the announcement of the year-end report on 8 February 2018. The maximum number of shares in the Company, which may be allocated in total under the LTIP 2018, shall be limited to 180,000, which represents approximately 0.9 percent of all outstanding shares and votes in the Company.

More information about the program can be found at material for the Annual General Meeting 

Long-term Share Based Incentive Plan 2017

The AGM in May 2017 resolved to adopt the board’s proposal of a long-term share based incentive plan (“LTIP 2017”). LTIP 2017 comprises 26 employees consisting of senior executives and other key employees. The participants are allocated performance share rights, which provide the participant with a right to acquire shares. Following the defined vesting period, the participants will, free of charge, be allocated shares in the Company provided that certain conditions are fulfilled. The vesting period for LTIP 2017 commences when the participant enters into an agreement regarding participation in the plan and expires in connection with the announcement of the Company’s interim report for the first quarter in 2020. Allocation of shares requires the participant to remain employed within the Enea Group during the vesting period. In addition, a pre-requisite for the allocation of shares is that certain performance targets are fulfilled concerning Enea’s average yearly growth in turnover, average yearly increase in the operating profit and average yearly growth in earnings per share during 2017-2019. The maximum number of shares in the Company, which may be allocated in total under the LTIP 2017 shall be limited to 441,000, which represents approximately 2.5 percent of all outstanding shares and votes in the Company. 

More information about the program can be found at material for the Annual General Meeting