Extraordinary allocation of options for employees decided
Extraordinary allocation of options for employees decided---------------------------------------------------------------------------------------------------------------
Vienna, Frankfurt, July 26, 2004 +++ The management board of update software AG, a company listed on the Frankfurt stock exchange and a leading vendor of CRM-solutions, has decided an extraordinary allocation of options for employees of update, with the consent of the supervisory board.
The resolution of the board, which is based upon "plan 2000", provides for a special allocation of 300.000 options for all employees (except for members of the management board and the supervisory board) per July 30th 2004.
Exercising options rendered more difficult
Options can only be exercised if the share price exceeds the exercise price of the option at the moment of declaration of exercise by at least 10%. The exercise price is determined by the average value of the share price quoted during the last 15 stock exchange trading days.
Whether options can be converted into shares and to what extent, depends also on the seniority of each employee. After no less than 2 years, employees may exercise 25% of their allocated options. An unrestricted exercise is only possible after 5 years.
IR Contact:
Jochen Zemroser
update software AG
Operngasse 17-21
A-1040 Vienna
Tel: +43 1 878 55 512
Fax: +43 1 878 55 505
Jochen.Zemroser@update.com
www.update.com
This is a translation from German into English.
