New periods to start within the share-based long-term incentive programs of Fiskars Group
Fiskars Corporation
Stock exchange release
February 7, 2023 at 08.55 a.m. EET
New periods to start within the share-based long-term incentive programs of Fiskars Group
The Board of Directors of Fiskars Corporation has approved the launch of new periods for the years 2023–2025 within the Performance Share Plan and Restricted Share Plan, which form a part of Fiskars remuneration program for its key employees. The aim of the plans is to support the implementation of the company’s strategy and drive profitable growth and to align the objectives of key employees with the shareholders to increase the value of the company.
Performance Share Plan
The Performance Share Plan consists of annually commencing individual performance share plans, each with a three-year performance period, followed by the payment of the potential share reward. The Board of Directors will decide separately the commencement of each individual plan, the performance criteria and related targets of the plan, the participants and the minimum, target and maximum rewards for each participant. The amount of the reward paid to a key person depends on achieving the pre-established targets. No reward will be paid if targets are not met or if the participant’s employment or service ends before reward payment.
For the 2023–2025 performance period, the plan has a maximum of 60 participants and the performance targets relate to the company’s absolute total shareholder return, cumulative comparable EBIT and advancing circular products and services. If the targets of the plan are reached, rewards will be paid to participants in the spring of 2026.
If all maximum performance targets are reached, the reward payable in shares on the basis of the 2023–2025 performance period would amount to a total gross maximum of 700,000 shares in the company. For reference purposes only (noting that the market value of the shares will constantly change), calculated based on the volume weighted average price of Fiskars share on February 6, 2023, the estimated total value of this 2023–2025 performance period is approximately EUR 12.2 million.
Restricted Share Plan
The Restricted Share Plan consists of annually commencing individual restricted share plans. Each plan comprises an overall three-year retention period during which the company may grant fixed share rewards to individually selected key employees as a long-term retention tool. The Board of Directors will decide separately the commencement of each individual plan. The company may choose to use a shorter retention period on a case by case basis within this overall three-year period. The granted share rewards will be paid after the retention period. No reward will be paid if the participant’s employment or service ends before reward payment.
For the 2023–2025 plan, the plan has a maximum of 30 participants and the share rewards potentially granted thereunder will be paid in spring of 2026.
The aggregate total maximum number of shares to be paid based on the plan for years 2023–2025 is gross maximum of 150,000 shares in the company. For reference purposes only (noting that the market value of the shares will constantly change), calculated based on the volume weighted average price of Fiskars share on February 6, 2023, the estimated total value of this 2023–2025 period is approximately EUR 2.6 million.
Other terms
For the plans for years 2023–2025, the maximum value of the reward payable to each participant based on each of the above described plans is limited by a cap linked to Fiskars share price development. Information about the other terms applied to the plans has been published in a stock exchange release on December 10, 2020.
FISKARS CORPORATION
Media and investor contacts:
Essi Lipponen, Director, Investor Relations, tel. +358 40 829 1192
Fiskars Group in brief
Fiskars Group (FSKRS, Nasdaq Helsinki) is the global home of design-driven brands for indoor and outdoor living. Our brands include Fiskars, Gerber, Iittala, Royal Copenhagen, Moomin by Arabia, Waterford, and Wedgwood. Our brands are present in more than 100 countries and we have approximately 350 own stores. We have close to 7,000 employees and our global net sales in 2022 were EUR 1.2 billion.
We are driven by our common purpose: Pioneering design to make the everyday extraordinary. Since 1649, we have designed products of timeless, purposeful, and functional beauty, while driving innovation and sustainable growth.
Read more: fiskarsgroup.com