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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/