The Board of Directors of Musti Group plc decided on a new performance share plan for key employees
Musti Group plc Stock Exchange Release 16 December 2022 at 11:15 a.m.
The Board of Directors of Musti Group plc decided on a new performance share plan for key employees
The Board of Directors of Musti Group plc has decided to launch a new share-based incentive program for Musti Group’s key employees. The aim is to align the objectives of the shareholders and key employees for increasing the value of the company in the long-term, to commit the key employees to the company and to offer them competitive incentive scheme that is based on earning and accumulating shares.
The Performance Share Plan 2023–2027 consists of three consecutive performance periods, covering the financial years of 2023–2025, 2024–2026 and 2025–2027. The Board of Directors decides on the plan’s performance criteria and targets to be set for each criterion at the beginning of each performance period.
The potential reward based on the plan will be paid party in the company’s shares and partly in cash after the end of each performance period. The cash proportion is intended for covering taxes and tax-related costs arising from the reward to a participant.
The company’s group management team member is obliged to hold at least 50 per cent of the net number of shares paid to the member on the basis of the plan, until the value of his or her total shareholding in the company equals to 50 per cent (100 per cent for the CEO) of his or her annual base salary. Such number of shares must be held as long as the membership in the group management team continues.
During the performance period 2023–2025, the reward is based on the company’s adjusted EBITA and total shareholder return during financial year 2023.
The rewards to be paid based on the performance period 2023–2025 correspond to the value of an approximate maximum total of 171,000 Musti Group plc shares, including the proportion to be paid in cash. During the performance period 2023–2025, approximately 35 persons, including the group management team members, are included in the target group of the plan.
Further information:
Toni Rannikko
CFO, Musti Group
Tel. +358 40 078 8812
Distribution:
Nasdaq Helsinki
Principal media
www.mustigroup.com
Musti Group in brief
Musti makes the life of pets and their owners easier, safer and more fun. We are the leading Nordic pet care company, and we operate an omnichannel business model to cater for the needs of pets and their owners across Finland, Sweden and Norway. We offer a wide, curated assortment of pet products. We also provide pet care services such as grooming, training and veterinary services in selected locations.
Musti Group’s net sales were EUR 391 million in the financial year 2022. At the end of the financial year 2022, the company had 1,587 employees, 1.5 million loyal customers and 335 stores.