The Board of Directors of Olvi Plc Decided on Incentive Plans for the Group's Key Employees
Olvi plc Stock Exchange Release 27 May 2022 at 3.00 pm
Other information disclosed according to the rules of the Exchange
The Board of Directors of Olvi Plc Decided on Incentive Plans for the Group's Key Employees
The Board of Directors of Olvi plc has decided on two new share-based incentive plans for the group's key employees. The aim of incentive plans is to support the achievement of company's targets, to retain the key employees at the company and to offer them incentive schemes that are based on earning and accumulating shares.
Performance Share Plan 2022-2024
The Performance Share Plan 2022-2024 consists of one performance periods.
In the plan, the target group is given an opportunity to earn Olvi plc series A shares based on performance. The Board of Directors decides on the plan's performance criteria and targets to be set for each criterion at the beginning of a performance period. The potential rewards based on the plan will be paid after the end of performance period.
During the performance periods 2022-2024, the rewards are based on the group's cumulative EBIT in euro and Group’s cumulative sales volume of non-alcoholic products and the reduction of CO2 emissions in the Group's entire value chain compared to the 2021 level. The net amount of rewards to be paid based on the performance period will amount to maximum of 10 670 Olvi plc series A shares.
During the performance periods 2022-2024, 16 persons, including the CEO and other Olvi Management Team members, belong to the target group of the performance period.
Matching Share Plan of New Key Employees 2022-2023
The Matching Share Plan on new key employees consists of one matching period, covering the financial years of 2022-2023. In the plan, the target group is given an opportunity to receive matching shares for their personal investment in Olvi plc series A shares. The rewards based on the plan will be paid after the end of the matching period.
The net amount of rewards to be paid from the matching period will amount to maximum total of
2 000 Olvi plc series A shares. Approximately 10 persons belong to the target group of the plan.
General
The rewards will be paid partly in Olvi plc series A shares and partly in cash. The cash proportions of the rewards are intended for covering taxes and tax-related expenses arising from the rewards to the participants. In general, no reward is paid if the participant's employment or director contract terminates before the reward payment.
The Board of Directors has set a reward cap for the total amount of gross rewards payable to a participant during one calendar year based on all long-term incentive plans.
The Olvi Management Team member is obliged to hold at least 50 per cent of the shares received as a net reward from the new incentive plans, until the total value of the member's shareholding in Olvi plc equals to 50 per cent of their annual base salary of the preceding year. Such number of Olvi plc series A shares must be held as long as the membership in the Management Team continues.
Olvi plc
The Board of Directors
Further Information:
Pentti Hakkarainen
Chairman of the Board, Olvi plc
Tel. +358 40 5940 180
Distribution:
Nasdaq Helsinki Ltd
Key media
www.olvi.fi