The Board of Directors of SRV Group Plc decided on a new performance period under the share-based incentive plan
SRV GROUP PLC STOCK EXCHANGE RELEASE 1 March 2024 AT 13:30 EET
The Board of Directors of SRV Group Plc decided on a new performance period under the share-based incentive plan
The Board of Directors of SRV Group Plc has decided on the commencement of a new performance period under the performance share plan aimed at the group’s key employees. The establishment and key terms of the incentive plan were published in a stock exchange release on 28 March 2023.
Performance Share Plan 2023
The Performance Share Plan 2023 consists of four performance periods covering the financial years 2023–2024, 2023–2025, 2024–2026 and 2025–2027. The Board of Directors will decide annually on the commencement and details of the performance periods.
In the plan, the target group is given an opportunity to earn SRV Group Plc shares based on the achievement of the targets set for the performance periods. The potential reward based on the plan will be paid partly in SRV Group Plc shares and partly in cash after the end of the performance period. The cash proportion of the reward is intended to cover taxes and statutory social security contributions arising from the reward to the participant.
Rewards from the performance period 2024–2026 are based on the cumulative operative operating profit for 2024-2026, repayment of the hybrid bond, order backlog volume and structure at the end of performance period and the share of lifecycle-wise construction in the total order backlog of developer-contracted, development and lifecycle projects.
A Corporate Executive Team member is obliged to hold 50 per cent of the net shares paid to them until the value of their total shareholding in the company corresponds to 50 per cent of their annual gross salary. Correspondingly, the President and CEO of the company is obliged to hold 50 per cent of the net shares paid to them until the value of their shareholding in the company corresponds to their annual gross salary. The shareholding amount must be held as long as the membership in the Corporate Executive Team or the position as the President and CEO continues.
The value of the gross rewards to be paid from the performance period commencing in 2024 will correspond to an approximate maximum total of 450.000 SRV Group Plc shares, including the cash proportion. Approximately 25 persons, including the President and CEO of the company and other Corporate Executive Team members, belong to the target group of the performance period.
Upon reward payment, share price will be capped at a maximum of 20 euros.
SRV GROUP PLC
Board of Directors
For further information, please contact:
Anu Tuomola, Senior Vice President, General Counsel, tel. +358 50 414 3280, anu.tuomola@srv.fi
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SRV in brief
SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter – and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.
Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.
SRV – Building for life