AB Novaturas, the leading tour operator in the Baltic States, was the first in the Lithuanian tourism market to introduce a stock option programme to all employees. From now on, they will be able to buy stocks in the company at a price lower than the market price.
“We will apply the stock option programme in three areas: motivating top managers, giving all employees the opportunity to receive their incentive bonus in stock options instead of cash, and increasing the loyalty of employees depending on the period of service in the company,” says Vitalij Rakovski, CEO of Novaturas Group.
On 24 May 2022, the general meeting of the shareholders of the company approved an option programme to be applied by Novaturas to all employees of the organisation depending on the results achieved. The total nominal value of the treasury shares acquired by Novaturas may amount to up to 10% of the company’s share capital, i.e. slightly more than 780 000 shares. The company may acquire its own shares within 18 months from the date of the decision.
The objective of the option programme is to encourage employees to feel like business partners, to be more interested in contributing to the long-term and sustainable growth of the company’s stock value, and to maintain their loyalty.
“It becomes a good means for employees to have a stable and solid addition to their salary and for the company to make more efficient use of the incentive funds. We wanted this incentive system to be simple and easy to understand for everyone, and to organically merge with the existing incentive programme,” says Mr. Rakovski.
About the company
Novaturas Group is the largest tour operator in the Baltic States, offering summer and winter package holidays by plane to more than 30 destinations worldwide and more than 100 tours. In 2019, the Group served over 293 000 customers.