Eletrobras (AXIA) officer reports R$42.00 performance-based stock options
Rhea-AI Filing Summary
BRAZILIAN ELECTRIC POWER CO executive Eduardo Haiama filed a Form 3 reporting initial holdings of stock options linked to common shares. The options cover 770,331 and 231,094 underlying common shares, issued under the company’s restricted share-based compensation program at an exercise price of R$42.00 per share.
Vesting is performance- and time-based: one-third vests three years from grant, with additional portions on the fourth and fifth anniversaries, subject to conditions. Vested options must be exercised within 120 days after each maturity period, and any shares received are subject to a 180-day lock-up. The exercise price accrues 5% annual interest from grant to exercise.
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Insider Trade Summary
2 transactions reported
Mixed
2 txns
Insider
Haiama Eduardo
Role
See Remarks*
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Stock Options | -- | -- | -- |
| holding | Stock Options | -- | -- | -- |
Holdings After Transaction:
Stock Options — 770,331 shares (Direct)
Footnotes (1)
- The stock options were issued pursuant to the Eletrobras - Brazilian Electric Power Co.'s (the "Company") restricted share based compensation program. Exercise is conditioned up the achievement of certain performance goals, as set forth in the award agreement, and the satisfaction of certain other conditions. 1/3 of the stock options vest 3 years from grant date, with the remaining vesting on the 4th and 5th anniversaries from grant date, subject to certain conditions, as set forth in the award agreement. The reporting person must exercise vested options within 120 days after each respective maturity period, failing which the options lapse. Upon exercise, the reporting person is subject to a lock-up period of 180 calendar days during which the shares may not be sold, transferred, or encumbered. The exercise price is R$42.00 per share accrues interest at a rate of 5% per annum from grant date to exercise date and is subject to certain other adjustments.
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FAQ
What does the AXIA Form 3 filing by Eduardo Haiama report?
The Form 3 reports initial beneficial ownership of stock options by executive Eduardo Haiama at Brazilian Electric Power Co, detailing option grants, underlying common shares, vesting schedule, exercise terms, and lock-up conditions under the company’s restricted share-based compensation program.
What is the exercise price of the Brazilian Electric Power Co stock options?
The stock options have an exercise price of R$42.00 per share. This price accrues interest at 5% per year from the grant date to the exercise date, as specified in the compensation program’s award agreement and related terms.
How do the AXIA stock options granted to Haiama vest over time?
The options vest in stages: one-third after three years from the grant date, with further vesting on the fourth and fifth anniversaries. Vesting depends on performance goals and other conditions defined in the award agreement and compensation program.
What exercise and lock-up restrictions apply to Haiama’s stock options?
Haiama must exercise vested options within 120 days after each maturity period or they lapse. After exercise, the resulting shares are subject to a 180-day lock-up, during which they cannot be sold, transferred, or encumbered.
Are Haiama’s stock options at Brazilian Electric Power Co performance-based?
Yes. The filing notes that the stock options were issued under a restricted share-based compensation program, with exercise conditioned on achieving specified performance goals and satisfying other conditions outlined in the award agreement.