Basware establishes a new share-based incentive plan for key personnel for 2015-2017
Basware Corporation, stock exchange release, March 24, 2015 at 08:00
Basware establishes a new share-based incentive plan for key personnel for
The Board of Directors of Basware Corporation has decided to establish a new
share-based incentive plan directed to a group of key personnel from the
beginning of 2015 until the end of 2017. The aim of the plan is to combine the
objectives of the shareholders and the key personnel in order to increase the
value of the company, commit the key personnel to the company, and offer them a
competitive reward plan based on shareholding in the company. Accordingly, the
Board of Directors encourages the Basware Executive Team members to hold shares
in the company equaling the value of annual gross base salary.
The system includes three earning periods, calendar years 2015, 2016 and 2017.
The first one thirds of the earned shared will be allocated 6 months, the second
one thirds 12 months and the third one thirds 18 months after the end of the
earning period. In addition, in early 2015, the members of Basware Executive
Team may be allocated shares against purchased shares (11.000 in maximum)
without consideration against shareholding of three years during the earning
periods in 2015-2017.
The Board of Directors decides on the earnings criteria and related targets
separately for each annual earning period at the beginning of the earning
period. The possible reward for the earning period 2015 is based on the revenue
and operating profit growth and the total shareholder return of Basware
The shares to be allocated based on the plan for 2015-2017 at the target level
amount to approximately 243.593 Basware Corporation shares (including also the
proportion to be paid in cash) and total up to 313.371 shares. The possible
shares to be allocated will consist of own shares held by the company or
acquired in public trading through NASDAQ OMX Helsinki Ltd.
The new share-based incentive plan is directed to approximately 40 people.
The company has also one other active share-based incentive plan. More
information about the compensation of Basware's management is available on the
company's investor pages at www.basware.com/investors.
For more information, please contact:
Hannu Vaajoensuu, Chairman of the Board, Basware Corporation
Tel. +358 40 501 8250
NASDAQ OMX Helsinki Ltd