Uponor complements the share-based incentive plan established in 2012
Uponor Corporation Stock exchange release 12 February 2013 8:03 EET
Uponor complements the share-based incentive plan established in 2012
The Board of Directors of Uponor Corporation has decided to continue to implement the long-term share-based incentive plan established in 2012. The new plan covers the years 2013-2015 and it complements the plan that exists for the years 2012-2014. The plan will cover a maximum of twelve members of the Group’s key management.
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 acquire and own Uponor’s shares, which contributes to aligning the interests of the management, the company and the shareholders.
Each participant in the incentive plan shall invest in Uponor shares within the pre-determined minimum and maximum limits. The reward in the Plan 2013-2015 consists of the following parts:
1) The matching share incentive based on the investment with a three year vesting period:
In the spring of 2016, 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 shares awarded based on the share investment corresponds with approximately 13,000 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 2013-2015.
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 approximately 260,000 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.
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
Jyri Luomakoski, President and CEO, tel. +358 20 129 2824
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. The Group employs approx. 3,000 persons, in 30 countries. In 2012, Uponor's net sales exceeded €810 million. Uponor Corporation is listed on NASDAQ OMX Helsinki in Finland. http://www.uponor.com.