The Board of Directors of Kemira Oyj resolved to continue incentive plan
The Board of Directors of Kemira Oyj has resolved to continue the long-term share-based incentive plan directed to a group of key employees in Kemira.
The aim of the plan is to combine the objectives of the shareholders and the persons participating in the plan to increase the value of Kemira, to commit the participants to Kemira, and to offer them a competitive reward plan based on earning Kemira's shares.
The Performance Share Plan 2018 includes one performance period, for the calendar year 2018. The potential reward of the Plan from the performance period 2018 will be based on the Kemira Group's Intrinsic Value, calculated based on Kemira Group's operative EBITDA and net debt.
The potential reward from the performance period 2018 will be paid partly in Kemira's shares and partly in cash in 2019. The cash proportion is intended to cover taxes and tax-related costs arising from the reward to the participant. As a rule, no reward will be paid, if a participant's employment or service ends before the reward payment.
The shares paid as a reward may not be transferred during the restriction period, which will end two years from the end of the performance period. Should a participant's employment or service end during the restriction period, as a rule, he or she must gratuitously return the shares given as a reward.
The Board of Directors recommends that a member of the Management Board will own such number of Company's shares that the total value of his or her shareholding corresponds to the value of his or her annual gross salary if the membership continues. If this recommendation is not yet fulfilled, the Board of Directors recommends that a member of the Management Board will hold at least 50% of the net number of shares given based on this plan also after the end of the restriction period, until his or her shareholding in total corresponds to the value of his or her annual gross salary.
The Performance Share Plan 2018 is directed to a maximum of 90 people. The rewards to be paid, if the criteria are fulfilled, on the basis of the Performance Share Plan 2018 will amount up to an approximate maximum total of 585,000 Kemira Oyj shares. In addition, a cash proportion intended to cover taxes and tax-related costs arising from the reward is included.