Page 189 - eco_eng

The interest rates applicable to these credit facilities, excluding those arranged as participating loans, were EURIBOR plus a market spread of 100 basis points for 2010 and 2009.

Financing provided to associates consists primarily of credit facilities or commercial loans.

25.2. Remuneration of directors

The Company’s Board members earned total remuneration of EUR 4,990 thousand and EUR 4,175 thousand in 2010 and 2009, respectively, in the form of salaries and other compensation in kind.

The Company has not granted the directors any advances or loans and it does not have any pension or other obligations to them.

In addition, in 2010 the Company’s Board of Directors granted directors a total of 397,250 share options (108,312 share options in 2009) valued at EUR 319 thousand, which had not been exercised at 2010 year-end.

Each option granted carries the right to purchase one share of the Parent.

The exercise price of each option in 2010 is EUR 7, 00 (EUR 5, 21 in 2009), see Note 21.

At 31 December 2010, the most signifcant information on the share options granted by the Company to its directors is summarised as follows:

Number of share options

Exercise Price (euros)

Beginning of Exercise Period

End of Exercise Period

Total Board of Directors

Options granted in 2006 433,250 17,49 26/07/09 25/07/11

Options granted in 2007 433,250 19,74 25/07/10 24/07/12

Options granted in 2008 216,625 7,13 30/07/11 29/07/13

Options granted in 2009 108,312 5,21 29/07/12 28/07/14

Options granted in 2010 397,250 7,00 28/07/13 27/07/15

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Financial Statements, Management and Corporate Governance Report. 2010