The Board of Directors of Tikkurila resolved on performance share plan amendments and details of performance period 2019-2021
Tikkurila Oyj
Stock Exchange Release
December 19, 2018 at 9:00 (CET+1)
The Board of Directors of Tikkurila resolved on performance share plan amendments and details of performance period 2019-2021
The Board of Directors of Tikkurila Oyj launched the Performance Share Plan 2018-2022 for the Group key employees in June 2018. The Board of Directors resolved to amend the terms and conditions of the plan in order to convert a proportion of the reward of the performance period 2019-2021 into a time-based reward.
The potential performance-based rewards from the performance period 2019-2021 will be paid partly in the company´s shares and partly in cash in 2022. The time-based reward will be paid in two tranches, in 2020 and 2022. The cash proportion is intended to cover taxes and tax-related costs arising from the reward to the participants. As a rule, no reward will be paid, if a participant´s employment or service ends before the reward payment. The reward amounts earned through the plan will be capped if the limits set by the Board of Directors for the payable reward are exceeded.
A member of Tikkurila Management Team must hold a minimum of 50 per cent of the net number of shares received on the basis of the plan, until his or her total shareholding in the company equals the value of his or her annual gross salary. Such number of shares must be held as long as the member’s employment or service in a group company continues.
Approximately 20 key employees, including the members of the Management Team, belong to the target group of the plan during the performance period 2019-2021.The potential reward of the plan from the performance period 2019-2021 will be based on the Tikkurila Group´s average EBITDA-based intrinsic values for 2019-2021. The rewards to be paid on the basis of the performance period 2019-2021 will amount to an approximate maximum total of 130,000 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.
Tikkurila Oyj
Board of Directors
For further information, please contact:
Melisa Bärholm, SVP HR, +358 40 822 2549, melisa.barholm@tikkurila.com
Sustainable Nordicness
Tikkurila is a leading Nordic paint company with expertise that spans decades. We develop premium products and services that provide our customers with quality that will stand the test of time and weather. We operate in around ten countries and our 3,000 dedicated professionals share the joy of building a vivid future through surfaces that make a difference. In 2017, our revenue totaled EUR 582 million. The company is listed on Nasdaq Helsinki. Nordic quality from start to finish since 1862.