Bli medlem
Bli medlem

Du är här

2017-01-31

DNA Oyj: DNA's new long-term share-based incentive system for senior executives and other key employees

DNA PLC STOCK EXCHANGE RELEASE JANUARY 31, 2017, 8.00 AM

DNA's Board of Directors has complemented a decision, mentioned in the
prospectus dated 14 November 2016, concerning a new, long-term, share-based
incentive system for senior executives and other key employees. The purpose
of the long-term incentive system is to harmonise shareholders' and senior
executives' goals to increase DNA's value, and to commit executives and other
key employees to DNA by offering them a competitive long-term reward plan in
the company.

The new system mainly consists of a Performance Share Plan (PSP), which the
Board of Directors decided to complement with a separate share-based Bridge
Plan to facilitate the transition period from the long-term share-based
incentive system introduced in 2014 to the new, long-term incentive system
that will begin in 2017. In addition, DNA has a Restricted Share Plan (RSP).

Performance Share Plan (PSP)

The PSP consists of separate, share-based reward programmes that begin
annually. Each programme has a three-year vesting period. The start of each
new programme requires a separate decision by the Board of Directors. The
first programme (PSP 2017) starts at the beginning of 2017. Any share-based
rewards earned through it will be paid in the spring of 2020, if the
performance targets set by the Board of Directors are reached.

The first programme will be built on the following performance targets: DNA's
total shareholder return (TSR) compared to a peer group over the period
2017-2019, and DNA's cumulative cash flow in 2017-2019. The first programme
has about 50 participants, and the maximum number of shares to be handed out
will be 429,000 (gross amount from which applicable withholding tax will be
deduced, and the remaining net amount will be paid as shares).

Bridge Plan

The Bridge Plan for the transition period consists of two, three-year-long
share-based reward programmes. These programmes have a year-long vesting
period and a two-year restriction period. The programmes will begin in 2017
and 2018. Any share-based rewards based on the 2017 programme will be handed
out in the spring of 2018, if the performance targets set by the Board of
Directors are reached. Shares received as a reward cannot be transferred
during a two-year restriction period after the vesting period.

The performance targets applicable to the share-based reward system during the
transition period are based on DNA's key strategic objectives for the vesting
periods in question. The first programme has about 50 participants, and the
maximum number of shares to be handed out will be 143,000 (gross amount from
which applicable withholding tax will be deduced, and the remaining net
amount will be paid as shares).

DNA's Board of Directors will later decide, separately, on the persons who
will be selected for the Bridge Plan starting in 2018, its performance
targets and the maximum number of shares that may be handed out.

Restricted Share Plan (RSP)

The restricted share-based reward system can be used as a complementary tool
for committing employees in specific situations, such as during acquisitions
and recruitment. The Restricted Share Plan consists of share-based incentive
programmes that begin every year. Each program consists of a three-year
restriction period, after which the shares allocated in the beginning of each
respective programme are paid to the participants, provided that their
employment DNA continues until the payment of the rewards. The start of each
new programme requires a separate decision by the Board of Directors.

The first program (RSP 2017) will begin in early 2017, and the rewards earned
will be handed out in the spring of 2020. The RSP typically applies to only a
few individuals per year. The maximum number of shares to be handed out under
the first programme (RSP 2017) will be 42,900 (gross amount from which
applicable withholding tax will be deduced, and the remaining net amount will
be paid as shares).

Other terms and conditions

DNA adheres to the recommendation on the shareholdings of the Group Executive
Team. According to the recommendation, each Executive Team member should own
a share in the company, which corresponds to his or her annual fixed gross
salary. In order to achieve the recommended ownership, the Executive Team
members must retain ownership of at least 50 per cent of the shares they have
received through the above-mentioned, share-based incentive systems
(calculated based on the net amount of shares left after deduction of the
applicable withholding tax), until the person's share in DNA is in line with
the recommendation.

The maximum amount of rewards payable under the share-based incentive systems
is limited in such a way that a participant's annual share reward may exceed
their annual gross salary three times at a maximum.

The share-based incentive systems described above will not have a dilutive
effect, because no new shares will be issued in connection with them.

More information:

DNA Corporate Communications, tel. +358 44 044 8000, communications@dna.fi

Distribution:

Nasdaq Helsinki
Key media
www.dna.fi

DNA Plc
is a Finnish telecommunications group providing high-quality voice, data and
TV services for communication, entertainment and working. DNA is Finland's
largest cable operator and the leading pay TV provider in both cable and
terrestrial networks. For DNA, the key area for growth in corporate business
is the new way of working, independent of time and place, facilitated by
smart terminal devices, diverse communications services and rapid
connections. In 2016, DNA recorded net sales of EUR 859 million and an
operating profit of EUR 91 million. DNA has more than 3.8 million
subscriptions in its fixed and mobile communications networks. The Group also
includes DNA Store, Finland's largest retail chain selling mobile phones. DNA
shares are listed on Nasdaq Helsinki Ltd. For further information, visit
www.dna.fi or follow us on Twitter @DNA_fi, @DNA_Business and @DNA_Palvelu
and Facebook.

---------------------------------------
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: DNA Oyj via Globenewswire

Författare Hugin

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.