Nokian Tyres plc Performance Share Plan; performance period 2018 and realization of performance period 2017
Nokian Tyres plc Stock Exchange Release February 2, 2018 8:02 a.m.
In February 2016, the Board of Directors of Nokian Tyres plc approved the Performance Share Plan for the Group’s key employees. The plan’s performance periods are calendar years 2016, 2017 and 2018.
The potential reward from the performance period 2018 will be based on the Nokian Tyres Group´s Net Sales and Operating Profit. The rewards to be paid on the basis of the performance period 2018 correspond to an approximate maximum total of 560,000 Nokian Tyres plc shares including also the proportion to be paid in cash. During the performance period 2018, the Plan is directed to approximately 230 key employees, including the members of the Group’s Management Team.
The potential reward from the performance period 2018 will be paid partly in the Company’s shares and partly in cash in 2019. The shares paid as reward may not be transferred during an approximately one-year restriction period established for the shares. For shares paid on the basis of the performance period 2018, the restriction period will end on 31 March 2020.
The rewards to be paid in 2018, based on the achievement of the performance criteria of the performance period 2017, correspond to a total of 519,000 Nokian Tyres plc shares including also the proportion to be paid in cash. The rewards will be paid by the end of March 2018. For the key employees, who have joined the Plan during the performance period 2017, including the President and CEO of Nokian Tyres plc and a member of the Group´s Management Team, the rewards will be paid by the end of August 2018. The Plan was directed to 201 key employees, including the members of the Group’s Management Team. The shares paid as reward may not be transferred during an approximately one-year restriction period established for the shares. For shares paid on the basis of the performance period 2017, the restriction period will end on 31 March 2019. The members of the Group’s Management Team must hold 25% of the received gross shares until the member’s shareholding in the Company equals the member’s fixed gross annual salary.
Nokian Tyres plc
Vice President, Marketing and Communications
Further information: Tarja Kaipio, Vice President, Human Resources, tel. +358 10 401 7268
Distribution: Nasdaq Helsinki, media and www.nokiantyres.com
Nokian Tyres is the world’s northernmost tyre manufacturer. The company promotes and facilitates safe driving in demanding conditions. It supplies innovative tyres for cars, trucks and special heavy machinery mainly in areas with special challenges on tyre performance: snow, forests and harsh driving conditions in different seasons. Nokian Tyres’ product development is consistently aiming for sustainable solutions for safety and the environment, taking into account the whole life cycle of the tyre. A part of the Nokian Tyres group, the tyre chain Vianor has approximately 1,500 stores in 26 countries. In 2017 Nokian Tyres had approximately 4,600 employees and net sales of approximately 1,6 billion euros. Nokian Tyres’ share is listed on the Nasdaq Helsinki. Further information: www.nokiantyres.com