Fourth Generation Company of the Wholesale Electricity Market (OGK-4) established OOO OGK-4 Finance, a limited liability company that will act as an operator under the Company's Stock Option Program. OOO OGK-4 Finance was registered in the Unified State Register of Legal Entities on September 11, 2007.
On September 7, 2007, the OGK-4 Board of Directors approved OGK-4 as the sole founder of OGK-4 Finance. OGK-4 Finance's authorized capital is 7 million rubles, and it was paid in full by the time of its state registration. Roman Lenkov, Deputy Director General of OGK-4 for Finance and Economics, was elected the Director General of OGK-4 Finance.
The OGK-4 Stock Option Program was approved by the Company's Board of Directors in December 2006. The document establishes the procedures whereby the Stock Option Program participants may acquire and exercise the right to buy OGK-4 shares at a fixed price. The stock option remuneration is an incentive for management, designed to enhance labor efficiency, retain personnel for further development of the Company and encourage management to contribute to the long-term growth in the enterprise value to the benefit of all shareholders.