CORRECTION: Verkkokauppa.com resolved on long-term incentive plan for key employees
Verkkokauppa.com Oyj COMPANY RELEASE May 16, 2018 at 18:15
Verkkokauppa.com Oyj published at 8.15 am EET today (May 16, 2018) a company release regarding its long-term incentive plan for key employees. The English language version of the company release incorrectly stated that the target group of the plan consists of approximately 8 persons, including the members of the Executive Management Team. However, as stated in the Finnish language version, the correct number of persons in the target group is a maximum of 10 persons, including the Executive Management Team.
The corrected company release is below:
The Board of Directors of Verkkokauppa.com Oyj has resolved to establish a new share-based incentive plan for the key employees of the company. The aim of the new plan is to align the objectives of the shareholders and the key employees in order to increase the value of the company in the long-term, to encourage the key employees to personally invest in the company's shares, to retain the key employees at the company, and to offer them a competitive share-based reward plan.
In the new Matching Share Plan, the participant receives a fixed amount of matching shares against an investment in Verkkokauppa.com Oyj's shares. The Matching Share Plan 2018-2020 includes three matching periods, calendar years 2018-2020, 2019-2021 and 2020-2022. The Board will resolve annually on the commencement and details of matching periods. The prerequisite for receiving reward on the basis of this plan is that a person participating in the plan allocates freely transferable company shares held by him or her or acquires company shares up to the number determined by the Board of Directors. Furthermore, payment of reward is based on participant's employment or service upon reward payment.
The rewards from the Matching Share Plan 2018-2020 will be paid partly in the company's shares and partly in cash in 2021, 2022 and 2023. 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 target group of the plan consists of a maximum of 10 persons, including the members of the Executive Team. The rewards to be paid on the basis of the matching period 2018-2020 correspond to the value of an approximate maximum total of 85,000 Verkkokauppa.com Oyj shares (including also the proportion to be paid in cash).
For more information, please contact:
Chairman of the board
Tel. +358 10 309 5555
Nordea Bank Finland Plc
Tel. +358 9 5300 6785
NASDAQ OMX Helsinki