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 March 29, 2017, the Board of Directors of SSH Communications Security Corporation has decided to issue stock options on the enclosed terms and conditions.
The stock options shall be offered to selected key personnel of SSH Communications Security Group and to personnel of SSH’s subcontractors working for SSH in a service relationship.
There is a weighty financial ground for the Company for the issuance of the stock options since the stock options are intended to form part of the incentive and commitment program of the key persons 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 stock options shall be issued free of charge.
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 the two-month period following the publication of the company’s annual results for the year 2017 (with said publication date not included in said period).
From the share subscription price shall be deducted the amount of the dividend 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.
Out of the share subscription price the amount equaling the nominal value of the share shall be transferred to the share capital and the exceeding amount to the fund for invested non-restricted equity.
The share subscription period will be from December 1, 2020 to March 31, 2022.
The maximum number of shares which may be subscribed with the stock options, 980,000 shares, is approximately 2.5 percent of the company’s shares on a fully diluted basis.
SSH applies a share ownership recommendation policy to the members of the company’s Executive Management Team. According to this policy each Executive Management Team member is expected to accumulate and, once achieved, maintain a share ownership in the company corresponding in value in case of the Chief Executive Office to the individual’s annual gross base salary and in case of the other Executive Management Team members to half of the individual’s annual gross base salary. According to this policy each such individual is expected to use at least fifty per cent of the net income he/she receives based on the stock options to subscribing shares of the company until his/her share ownership in the company fulfils the above recommendation.
The complete terms and conditions of the Stock Option Plan 2018 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
SSH Communications Security
SSH Communications Security is a leading provider of enterprise cybersecurity solutions that monitor, control, and automate trusted access to critical data. The company’s long track record of innovation includes Secure Shell (SSH) – one of the world’s most widely used network security protocols. Customers worldwide trust our flagship Universal SSH Key Manager® and other solutions to manage access, while greatly reducing costs and compliance risks. The Company sells direct through offices in North America, Europe and Asia and through a global network of certified partners. The company’s shares (SSH1V) are quoted on the NASDAQ Helsinki. For more information, visit www.ssh.com.
