Stock Exchange Release
May 31, 2017 at 9:00 a.m. (CET+1)
Resolutions of the board of directors of Tikkurila regarding share-based incentive program 2015-2019
The Board of Directors of Tikkurila Oyj has resolved on details of the performance period 2017-2019 of the share-based incentive program 2015-2019 and a matching share plan 2017-2019 for the selected Group key employees.
Performance Period 2017-2019
Approximately 10 key employees, including the members of the Management Board, belong to the target group of the performance period 2017-2019.
The potential reward from the performance period 2017-2019 will be based on the Tikkurila Group's average EBITDA and net debt based intrinsic value 2017-2019. The rewards to be paid on the basis of the performance period 2017-2019 will amount to an approximate maximum total of 120,000 Tikkurila Oyj shares. In addition, the Company will pay taxes and tax-related costs arising from the reward to the participants in connection with the reward payment. The potential reward from the performance period will be paid partly in the Company's shares and partly in cash in 2020. The reward amounts to be earned through the plan will be capped if the limits set by the Board of Directors for the payable reward of a performance period are reached.
Matching Share Plan 2017-2019
The aim of the matching share plan is to combine the objectives of the shareholders and the key employees in order to increase the value of the Company in the long-term, to bind the key employees to the Company, and to offer them competitive reward plan based on acquiring, receiving and accumulating the Company's shares.
The matching share plan includes one vesting period, calendar years 2017-2019. The prerequisite for receiving reward on the basis of this plan is that a person participating in the plan acquires the Company's shares, or addresses previously owned freely transferable shares for the plan, up to the number determined by the Board of Directors. Furthermore, receiving of reward is tied to the continuance of participant's employment or service upon reward payment. The reward from the plan will be paid partly in the Company's shares and partly in cash in 2020.
The matching share plan is directed only to selected new key employees determined by the Board of Directors. The rewards to be paid on the basis of the vesting period will amount to an approximate maximum total of 8,000 Tikkurila Oyj shares. In addition, the Company will pay taxes and tax-related costs arising from the reward to the participants in connection with the reward payment.
Vantaa May 31, 2017
The Board of Directors
For further information, please contact:
Jari Paasikivi, Chairman of the Board, mobile +358 500 530 375, [email protected]
Tikkurila is the leading paints and coatings professional in the Nordic region and Russia. With our roots in Finland, we now operate in 14 countries. Our high-quality products and extensive services ensure the best possible user experience in the market. Sustainable beauty since 1862.www.tikkurilagroup.com
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Tikkurila Oyj via Globenewswire