Options to Hydro's Top Management
September 02 2004 - 4:53AM
PR Newswire (US)
Options to Hydro's Top Management OSLO, Norway, Sept. 2
/PRNewswire-FirstCall/ -- As a continuation of the company's short-
and long-term incentive systems, Hydro's Board has agreed to
allocate options to around 35 persons in Hydro's top management.
The distribution will be as follows: 15,000 options for the
President and CEO, 7000 - 10,000 for the remaining four members of
Corporate Management, and 2500 - 3500 for the other top executives
in this scheme. The share price for the option scheme for 2004 has
been set at NOK 476 per share. These options can be exercised from
1 July 2007, at the earliest, up to 30 June 2010, at the latest.
The exercise of options is conditional on a commitment to a
long-term shareholding in the company. A maximum limit on the gain
from exercising options has been set for options allocated in 2004
and after. This is equivalent to the basic salary of the executive
in question for the year in which the gain is realized. Certain
statements in this press release are or may constitute "forward-
looking" statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Statements that are not in the
nature of historical facts may be deemed to be forward-looking
statements and may contain identifying words such as "believes",
"anticipates", "plans", "expects" and similar expressions. These
forward looking statements are based on Hydro's current
expectations, assumptions, estimates and projections about the
company and the industries in which it engages in business. All
forward-looking statements involve risks and uncertainties. For a
detailed description of factors that could cause Hydro's actual
results to differ materially from those expressed in or implied by
such statements, please refer to its annual report on Form 20-F for
the year-ended December 31, 2002 and subsequent filings on Form 6-K
with the U.S. Securities and Exchange Commission. With respect to
each non- GAAP financial measure Hydro uses in connection with its
financial reporting and other public communications, Hydro provides
a presentation of what Hydro believes to be the most directly
comparable GAAP financial measure and a reconciliation between the
non-GAAP and GAAP measures. This information can be found in
Hydro.s earnings press releases, quarterly reports and other
written communications, all of which have been posted to Hydro's
website (http://www.hydro.com/). Contact Kristin Brobakke Telephone
(+47 )22 53 27 44 Cellular (+47) 91 84 06 81 E-mail Contact Idar
Eikrem Telephone (+47) 22 53 32 73 Cellular (+47) 95 02 83 63
E-mail Norsk Hydro ASA Drammensveien 264 N-0240 Oslo Norway
Telephone: (+47) 22 53 81 00 Fax: (+47) 22 53 27 25
http://www.hydro.com/ DATASOURCE: Norsk Hydro CONTACT: Kristin
Brobakke, +47-22-53-27-44, Cell, +47-91-84-06-81, or , or Idar
Eikrem, +47-22-53-32-73, Cell, +47-95-02-83-63, or , or Norsk Hydro
ASA, +47-22-53-81-00, Fax: +47-22-53-27-25 Web site:
http://www.hydro.com/
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