Uponor establishes a new share-based incentive plan
Uponor Corporation Stock exchange release 2 March 2012 9:35 EET
Uponor establishes a new share-based incentive plan
The Board of Directors of Uponor Corporation has today approved the establishment of a new long-term share-based incentive plan to be offered to the key management of the company. The plan will cover a maximum of twelve members of the Group’s key management. The plan covers the years 2012-2014.
The purpose of the plan is to retain key management, as well as to motivate and reward the management for good performance that supports the company’s profitability and the implementation of the company’s strategy. The plan also encourages the key management to further acquire and own Uponor’s shares, which will contribute to aligning the interests of the management, the company and the shareholders.
Each participant in the incentive plan invests in Uponor shares within the pre-determined minimum and maximum limits of the plan. The reward in the Plan 2012-2014 consists of the following parts:
1) The matching share incentive based on the investment with a three year vesting period:
In the spring of 2015, each participant will receive matching shares corresponding to half of the investment at the time of transfer, less the taxes payable on the awarded shares. The maximum value of the total amount of shares awarded based on the share investment corresponds with less than 20,000 shares.
2) A performance share plan that depends on the company’s earnings performance over a three-year performance period:
The share rewards will be delivered if the performance targets set by the Board of Directors for the performance period are met. The applicable performance targets are the EBITDA based intrinsic value, calculated from the development of EBITDA, the development of the Group’s net debt and profit distribution, as well as relative Total Shareholder Return (TSR) during 2012-2014.
If all participants fulfil the investment requirement and if the performance targets set for the performance share plan are attained in full, the maximum value of performance shares to be delivered corresponds with less than 370,000 shares.
Both the matching shares and performance shares will be restricted by a one year restriction period after the share delivery, during which the delivered shares may not be transferred.
The Board of Directors anticipates that no new shares will be issued in connection with the plan and therefore the plan will have no diluting effect.
Further information:
Jari Paasikivi, Chairman of the Board, tel +358 500 530 375
Jorma Eloranta, Chairman of the Remuneration Committee, tel +358 40 5395 542
Uponor Corporation
Tarmo Anttila
Vice President, Communications
Tel. +358 20 129 2852
DISTRIBUTION:
NASDAQ OMX - Helsinki
Media
www.uponor.com
Uponor is a leading international provider of plumbing and indoor climate solutions for residential and commercial building markets across Europe and North America. In Northern Europe, Uponor is also a prominent supplier of infrastructure pipe systems. Uponor offers its customers solutions that are sustainable and safe and reliable to own and operate. The Group employs approx. 3,200 persons, in 30 countries. In 2011, Uponor's net sales totalled ca €800 million. Uponor Corporation is listed on NASDAQ OMX Helsinki in Finland. http://www.uponor.com.