Uponor Board resolves to continue key management incentive plan
Uponor Corporation Stock exchange release 15 December 2020 17:00 EET
Uponor Board resolves to continue key management incentive plan
The Board of Directors of Uponor Corporation has resolved to continue the key management Performance Share Plan mechanism decided on by the Board in 2014. Approximately 50 Group key managers, including the members of the Executive Committee, belong to the target group covered by the new plan.
The purpose of the plan is to continue aligning the objectives of the management and Uponor shareholders in order to increase the value of the company, boost profitable growth and retain the services of participants over the longer term. The plan offers key managers a competitive reward plan based on achieving the company’s strategic profitability and growth targets and provides the opportunity to earn and accumulate Uponor shares.
The plan offers participants an opportunity to earn Uponor shares as a reward for achieving performance targets, which the Board has established for the 3-year performance period. The targets are mainly based on consolidated three-year cumulative net sales and three-year EBITDA or EBITDA-based intrinsic value.
The potential reward based on the 2021–2023 plan will be paid in 2024, partly in company shares and partly in cash. The cash proportion is intended to cover taxes and tax-related costs which the recipient incurs due to the reward. No reward will be paid if the participant’s employment or service ends before the reward payment. Should the required performance targets be attained in full, the earned reward will correspond to a maximum total of 600,000 Uponor Corporation shares, including the proportion to be paid in cash.
The reward to be paid on the basis of the plan will be capped if the limits set by the Board for the share price are reached.
The Board recommends that participants continue to hold a considerable portion of the shares received on the basis of the plan until the value of a participant’s shareholding in Uponor reaches the target level set by the Board. The Board requires that the members of the Executive Committee hold 100 per cent of the received shares until their shareholding in total corresponds to the value of half of their annual salary.
Uponor Corporation
Board of Directors
For further information, please contact:
Annika Paasikivi, Chair of the Board, annika.paasikivi@orasinvest.fi
Kati Pursiainen, Head of Group HR, +358 20 1292 175
DISTRIBUTION:
Nasdaq Helsinki
Media
www.investors.uponor.com
Uponor in brief
Uponor is rethinking water for future generations. Our offering, including safe drinking water delivery, energy-efficient radiant heating and cooling and reliable infrastructure, enables a more sustainable living environment. We help our customers in residential and commercial construction, municipalities and utilities, as well as different industries to work faster and smarter. Uponor employs about 3,800 professionals in 26 countries in Europe and North America. In 2019, Uponor's net sales totalled approximately €1.1 billion. Uponor Corporation is based in Finland and listed on Nasdaq Helsinki. www.uponor.com