Uponor Board resolves to continue key management incentive plan for 2022-2024
Uponor Corporation Stock exchange release 15 December 2021 16:45 EET
Uponor Board resolves to continue key management incentive plan for 2022-2024
The Board of Directors of Uponor Corporation has resolved to continue the key management Performance Share Plan mechanism by launching the Performance Share Plan 2022-2024. Approximately 50 Group key managers, including the President and CEO and other members of the Executive Committee, belong to the target group of the new plan.
The aim of the plan is to continue to align the objectives of the shareholders and the key managers in order to support the long-term value creation of the Uponor Group, to engage and commit the key managers to Uponor, and to offer them a competitive reward plan that is based on earning and accumulating Uponor shares.
The plan covers the financial years 2022-2024. It offers the 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, based on 3-year Cumulative EBITDA or EBITDA-based Intrinsic Value. In addition, the Board has decided to set the Group’s emission footprint in CO2 equivalent (CO2 footprint) as a new performance criterion. The prerequisite for the use of CO2 footprint as the performance criterion is that Uponor’s Annual General Meeting votes favourably for the updated Uponor Remuneration Policy in spring 2022 to enable ESG metrics to be used for the CEO & Deputy CEO Long-Term Incentives.
The potential reward will be paid in 2025, 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 terminates before the reward payment.
If the required performance targets are attained in full, the payable rewards will correspond to the value of a maximum total of 450,000 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 payable reward are reached.
Continuous shareholding requirement is applied to the President and CEO and other members of the Executive Committee. The Executive Committee members must hold 100 per cent of the shares received on the basis of the plan until the value of their shareholding in Uponor corresponds to the value of their annual gross 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 20 129 2175
DISTRIBUTION:
Nasdaq Helsinki
Media
www.uponorgroup.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 3,700 professionals in 26 countries in Europe and North America. In 2020, Uponor's net sales totalled approximately €1.1 billion. Uponor Corporation is based in Finland and listed on Nasdaq Helsinki. www.uponorgroup.com
