Payment of share rewards based on the share-based incentive program as a directed share issue of own shares of the company without consideration
Neste Corporation Stock Exchange Release 5 February 2019 at 4.30 am. (EET)
On 5 February 2019, the Board of Directors of Neste Corporation has confirmed the maximum number of shares, 150,000 shares, earned based on the earning period 2016‒2018 of the share-based incentive program which commenced in 2016 for the company's key personnel and resolved on the payment of the share rewards earned based on said earning period. This amount means a gross reward from which the applicable taxes will be withheld and the remaining net amount will be paid to the participants in shares. The recipients of the above share rewards comprise 85 key persons.
Neste Corporation announced the establishment of this share-based incentive program with a Stock Exchange Release published on 15 December 2015.
The share rewards are paid by transferring own shares held by the company without consideration to the participants (directed share issue without consideration). The main part of the share rewards is aimed to be paid by 31 March 2019 and the remaining share rewards later during autumn 2019.
The final number of shares to be transferred will be determined based on the terms and conditions of the incentive program by 31 March 2019. The Board of Directors has resolved on this transfer of own shares based on the authorization granted by the Annual General Meeting of Shareholders held on 5 April 2018. The shares to be transferred are of the same class as the company's other shares.
There is an especially weighty financial reason for the company, also taking into account the interests of all the company's shareholders, to deviate from the shareholders' preemptive subscription right in the directed share issue without consideration. The shares issued constitute share rewards within the long-term share-based incentive program of the company's Management and these share rewards are, in accordance with the objectives of the incentive program, intended to align the interests of the Management with the interests of the shareholders and to encourage the Management to work on a long-term basis with the aim to increase the shareholder value.
Board of Directors
For more information, please contact: Hannele Jakosuo-Jansson, Senior Vice President, Human Resources and Safety, tel. +358 10 458 4688
Neste in brief
Neste (NESTE, Nasdaq Helsinki) creates sustainable solutions for transport, business, and consumer needs. Our wide range of renewable products enable our customers to reduce climate emissions. We are the world's largest producer of renewable diesel refined from waste and residues, introducing renewable solutions also to the aviation and plastics industries. We are also a technologically advanced refiner of high-quality oil products. We want to be a reliable partner with widely valued expertise, research, and sustainable operations. In 2017, Neste's revenue stood at EUR 13.2 billion. In 2019, Neste placed 3rd on the Global 100 list of the most sustainable companies in the world. Read more: neste.com