(MENAFN- GlobeNewsWire - Nasdaq) Verkkokauppa Oyj – STOCK EXCHANGE RELEASE – 13 February 2024 at 16:30 EET
Verkkokauppa Oyj resolved on a new matching period under the performance matching share plan
The Board of Directors of Verkkokauppa Oyj has on 13 February 2024 resolved on the new matching period under the Company's Performance Matching Share Plan 2023–2027 announced in May 2023.
The aim of the plan is to align the objectives of the shareholders and the management to increase the value of the company in the long-term, to encourage the management to personally invest in the company's shares, to retain the target group at the company, and to offer them a competitive incentive plan in which the participants may earn shares as a reward for performance and their personal investment.
The Performance Matching Share Plan 2023–2027 comprises of annually commencing three-year's matching periods of which the first commenced in the beginning of 2023. The Board has on 13 February 2024 resolved on the commencement of the next matching period for years 2024–2026. The performance criterion in the second performance period 2024–2026 is the Total Shareholder Return of the company's share (TSR). The achievement of the required TSR levels will determine the proportion out of the maximum reward that will be paid to a participant. The prerequisite for participation in the plan and receiving the reward is that the person allocates freely transferable Verkkokauppa Oyj shares held by him or her to the plan or acquires the company's shares in a number determined by the Board.
The rewards for the matching period of 2024–2026 will be paid partly in the Company's shares and partly in cash by the end of May 2027. The cash proportion is intended to cover taxes and tax-related costs arising from the reward to the participant. As a rule, no reward will be paid, if a participant's employment or service ends before the reward payment. The CEO is obligated to hold 50 per cent of the reward shares until the CEO's total personal shareholding in the company corresponds to the CEO's annual salary.
The target group of the plan consists of eight people (the CEO and all members of the Management Team). The gross rewards from the second performance period 2024–2026 correspond to the value of an approximate maximum total of 267,500 Verkkokauppa Oyj shares, including the proportion to be paid in cash. The final number of shares depends on the number of shares acquired by participants and the achievement of the TSR levels. The current aggregate maximum value of the performance period 2024–2026, estimated based on the average share price of the last trading day preceding the date hereof and assuming that the eligible participants fulfil the investment requirement in full, is approximately MEUR 0.6.
Board of Directors
For more information, please contact:
Marja Mäkinen, Head of Investor Relations and Corporate Communications
Tel. +358 40 671 2999
Verkkokauppa (Nasdaq Helsinki: VERK) is Finland's leading online store, offering a wide range of products from home technology to leisure as well as business needs. Operating since 1992, the company is one of the oldest online retailers in the world, combining its online store and brick-and-mortar stores for an omnichannel customer experience. Verkkokauppa's four megastores are located in Oulu, Pirkkala, Raisio and Jätkäsaari, Helsinki. To provide a superior customer experience, the company delivers products as fast as an hour to your door around the clock, utilizing automation and robotics. Verkkokauppa employs around 700 people. The company is listed on the Nasdaq Helsinki stock exchange, and it has more than 21,000 shareholders.
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.