The Board of Directors of Nurminen Logistics Plc resolved on the CEO long-term incentive plan
NURMINEN LOGISTICS PLC STOCK EXCHANGE RELEASE 18 December 2020 at 4.00 pm
The Board of Directors of Nurminen Logistics Plc has resolved to establish a new long-term incentive plan 2021 for CEO of the company (CEO). The aim of the plan is to align the objectives of the shareholders and the CEO in order to increase the value of the company. The plan is a part of the committing incentive program of the CEO. The Chairman of the Board of Directors, Olli Pohjanvirta, acting as CEO, has not been involved in the planning process or decision making of the plan.
The plan includes one performance period, commencing of 1 January 2021 and ending on 31 December 2021. The Board of Directors has resolved on the plan’s performance criteria and their targets. The CEO will receive the company shares as reward if the targets set by the Board of Directors are achieved.
The prerequisite for reward payment is the CEO’s own investment. The CEO has subscribed for the company shares in a directed share issue resolved by the Board of Directors on 7 December 2020 so the investment requirement set by the Board of Directors has been met.
The reward will be paid partly in the company’s shares and partly in cash after the end of the performance period. The cash proportion is intended to cover taxes and tax-related costs arising from the reward to the CEO.
The potential reward from the plan will be based on the Nurminen Logistics Group’s Operating Result (EBIT) of the financial year 2021 and on the Total Shareholder Return of Nurminen Logistics share (TSR) in 2021. The rewards to be paid on the basis of the plan correspond to the value of a maximum total of 1,700,000 Nurminen Logistics Plc shares, including also the proportion to be paid in cash. The reward to be paid on the basis of the plan may be reduced by deducting the number of the shares to be given, if the limit set for the share price is reached.
NURMINEN LOGISTICS PLC
The Board of Directors
For more information, please contact: Irmeli Rytkönen, Board member, +358400425371, email@example.com