Icelandair Group Annual Report 2007

Shareholder Information
27
the total shares in the Company at any time.
The amount of the stock option of any single
employee must not exceed 10% of the total
issued stock options, although this rule does
not apply to the CEO of the Company. The
Company is permitted to use its own shares,
purchase shares, or issue new shares as authorised
by a shareholders’ meeting, in order
to meet Company obligations pursuant to
stock option contracts.
On the delivery of stock options to employees,
the Company enters into a written
stock option contract with the employee.
The terms and conditions of stock option
contracts need not be uniform, and options
may be adapted to the needs of individual
employees.
The selling price of shares in the Company
to holders of stock options is decided by the
Board of Directors of the Company at any
time; the price must not be lower than 27
times the nominal value, but is in other respects
determined by the average price of
market trading in the Company‘s stock ten
days prior to the signature of each stock option
contract. The authorisation granted to
the Board of Directors to increase the Company’s
share capital is effective for five years
from its approval and may be exercised by
the Board in part or in full, at the discretion
of the Board.
Shareholders’ pre-emptive rights pursuant
to the Company’s Articles of Association do
not apply to increases in share capital pursuant
to the authorisation held by the Board
of Directors. In the event that the share
capital of the Company is increased during
the period of the authorisation beyond ISK
1,000,000,000 the authorisation will be increased
so as to remain always at the level
of 6% of the total share capital of the Company
at any time. Shares acquired through
the exercise of options are not subject to any
trading restrictions. New shares carry rights
in the Company from the date of their listing.
20 Largest Shareholders as of 31 December 2007
Shareholder Holdings Shares
Langflug ehf 238,350,000 23.80%
Fjárfestingafélagið Máttur ehf 231,101,393 23.10%
Naust ehf 148,148,148 14.80%
Urður ehf 55,555,556 5.60%
Alnus ehf 26,022,831 2.60%
Saga Capital Fjárfestingarbanki hf 26,000,000 2.60%
Glitnir banki hf 25,471,077 2.60%
Sigla ehf 20,000,000 2.00%
Icelandair Group hf 19,200,000 1.90%
Flugval ehf 18,518,519 1.90%
Arkur ehf 17,500,000 1.80%
Stafir lífeyrissjóður 14,317,038 1.40%
N1 hf 12,844,611 1.30%
Lífeyrissjóður verslunarmanna 11,616,111 1.20%
BK-42 ehf 10,000,000 1.00%
GLB Hedge 9,992,231 1.00%
Landsbanki Luxembourg S.A. 8,510,000 0.90%
Almenni lífeyrissjóðurinn 6,571,047 0.70%
Fluglind ehf 5,555,556 0.60%
Glitnir Sjóðir hf. sjóður 10 5,494,954 0.60%
Total 910,769,072 91.08%