HKScan Corporation, Stock Exchange Release, 7 April 2021 at 8.30 a.m. Finnish time
Share rewards of HKScan Corporation’s share-based long-term incentive schemes
The performance periods 2019–2020 of HKScan Corporation´s Performance Share Plan 2018–2020 and Performance Share Plan 2019–2021 have ended on 31 December 2020. The Board of Directors of the company has determined the outcome of the rewards for the performance periods, totaling 1.26 million gross series A shares, including a cash proportion to be used for withholding the applicable taxes.
The Board of Directors has decided that out of the total gross rewards, 0.66 million series A shares will be paid during 2021–2023. In order to ensure that the reward payments are aligned with long-term company performance and shareholder returns, the Board of Directors has decided to defer and pay the remaining portion of the Group Executive Team rewards, a maximum total of 0.6 million series A shares, during 2024–2025. The rewards for which payment is deferred, will be paid based on the minimum requirements set by the Board of Directors on the company’s total shareholder return (TSR) and profitability. The Board of Directors has set a maximum limit for the cost of deferred reward.
The Board of Directors decided to apply the same amendments to the rewards to be earned based on the ongoing performance period 2021 of the Performance Share Plan 2019–2021, as well as to the rewards to be earned based on the ongoing Restricted Share Plan 2019–2021. A total of approximately 30 key employees, including the Group Executive Team, belong to the target group of the Performance Share Plans 2018–2020 and 2019–2021.
Board of Directors
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