Fri May 29 09:00 am 2015 in category Stock exchange releases
Nokian Tyres plc Stock Exchange Release 29 May 2015 at 9:00 a.m.
Nokian Tyres plc’s key employees incentive plan year 2015 and realization 2013-2014
In 2013 the Board of Directors of Nokian Tyres plc approved a share based incentive plan for the Group key employees. The aim of the Plan is to combine the objectives of the shareholders and the key employees in order to increase the value of the Company, to commit the key employees to the Company, and to offer them a competitive reward plan based on earning the Company’s shares.
The Plan includes three performance periods, calendar years 2013, 2014 and 2015. The Board of Directors of the Company will decide on the performance criteria and their targets for a performance period at the beginning of each performance period. The potential reward from the performance period 2015 will be based on the Nokian Tyres Group´s Net Sales and Operating Profit.
Rewards from performance period 2015 will be paid partly in the Company’s shares and partly in cash in 2017. The cash proportion is intended to cover taxes and tax-related costs arising from the rewards to the key employees. No reward will mainly be paid, if the key employee’s employment or service ends before reward payment. The shares paid as reward may not be transferred during an approximately two-year restriction period established for the shares. For shares earned on the basis of performance period 2015 the restriction period will end on 31 December 2018.
The Plan is directed to approximately 40 people. The rewards to be paid on the basis of the performance period 2015 correspond to an approximate maximum total of 160,000 Nokian Tyres plc shares and including also the proportion to be paid in cash.
The targets set for performance periods 2013-2014 under the share based incentive plan were not met. Therefore no reward to the key employees has been paid related to years 2013-2014.
Nokian Tyres plc
Vice President, Marketing and Communications
Further information: Anne Leskelä, Vice President, CFO & IR, tel. +358 10 401 7481
DISTRIBUTION: NASDAQ Helsinki, Media and www.nokiantyres.com