Fiskars Corporation: New share-based Long-term Incentive Plan for Fiskars Group’s key employees
Stock Exchange Release
February 7, 2018 at 9:00 (EET)
New share-based Long-term Incentive Plan for Fiskars Group’s key employees
The Board of Directors of Fiskars Corporation has decided on a new share-based Long-term Incentive Plan for the Fiskars Group Leadership Team and other key employees. The plan will form a part of Fiskars remuneration program for its key employees, and the aim of the plan is to support the implementation of the company’s strategy and to align the objectives of key employees with the shareholders to increase the value of the company.
The Long-term Incentive Plan has three performance periods of three calendar years each, 2018–2020, 2019–2021 and 2020–2022. The Board of Directors will decide separately for each performance period the participants in the incentive plan and the minimum, target and maximum rewards for each participant, as well as the performance criteria and related targets.
The amount of the reward paid to a key employee depends on achieving the pre-established targets. No reward will be paid if targets are not met or if the participant’s employment or service ends before reward payment. For the first performance period, the plan has 48 participants at most and the targets for the Long-term Incentive Plan relate to the company’s total shareholder return, Group EBITA and net sales.
If the targets of the plan are reached, rewards will be paid to participants after the end of each performance period. The reward will be paid in the company’s shares, after the deduction of the relevant cash proportion that is required for covering taxes and tax-related costs due on the basis of the reward. However, the company has the right to pay the reward fully in cash under certain circumstances. If all maximum targets are reached, the maximum reward payable in shares on the basis of the 2018–2020 performance period would amount to a total gross maximum of 314,321 shares in the company. As a starting point, shares to be awarded to key employees will be paid as existing shares of the company and thus the Long-term Incentive Plan is not expected to have a diluting effect on the ownership of the company’s shareholders.
Members of the Fiskars Group Leadership Team participating in the long-term incentive plan are subject to a shareholding requirement and must retain at least 50% of the net shares received based on plan until their share ownership in Fiskars corresponds to at least 50% (and for the President and CEO at least 100%) of their annual gross base salary.
Board of Directors
Media and investor contacts:
VP, Corporate Communications and Sustainability Maija Taimi, tel. +358 204 39 5031, email@example.com
Fiskars – Making the everyday extraordinary
Fiskars serves consumers and customers around the world with globally recognized brands including Fiskars, Gerber, Iittala, Royal Copenhagen, Waterford, and Wedgwood. Building on our mission to create a family of iconic lifestyle brands, Fiskars’ vision is to create a positive, lasting impact on our quality of life. Please visit www.fiskarsgroup.com for more information.