Sandvik's (STO:SAND) Board of Directors propose that the Annual General
Meeting resolve on a long-term incentive program for 2013 (LTI 2013)
encompassing approximately 350 senior executives and key individuals
within the Group, on substantially the same terms and conditions as the
2011 and 2012 long-term incentive programs.
Participants are offered allotment of employee stock options that
entitle the holder to acquire Sandvik shares after three years at a set
exercise price, on condition that certain performance targets are met.
For some executives in more senior positions, a personal investment in
Sandvik shares will also be required to gain entitlement to allotment of
employee stock options and matching rights which entitle the holder to
acquire Sandvik shares after three years at a set exercise price.
LTI 2013 comprises a maximum of 12,000,000 Sandvik shares, corresponding
to approximately 1% of the total number of shares in the company The
Board of Directors does not at present intend to take measures to hedge
the program to ensure the delivery of Sandvik shares. Assuming a share
price of 100 SEK, expected volatility of 40% and a five-year term, the
cost of LTI 2013 is estimated at approximately 241 MSEK.
Stockholm, 29 January 2013
Sandvik Aktiebolag (publ)
Sandvik AB discloses the information provided herein pursuant to the
Securities Markets Act and/or the Financial Instruments Trading Act. The
information was submitted for publication at 08:15 CET on 29 January
The Sandvik Group
Sandvik is a global industrial group with advanced products and
world-leading positions in selected areas – tools for metal cutting,
equipment and tools for the mining and construction industries,
stainless materials, special alloys, metallic and ceramic resistance
materials as well as process systems. In 2012 the Group had about 49,000
employees and representation in 130 countries, with annual sales of more
than 98,000 MSEK.
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