Bli medlem
Bli medlem

Du är här

2015-12-15

Neste Oyj: The Board of Directors of Neste Corporation resolved on key personnel long-term incentive

Neste Corporation

Stock Exchange Release
15 December 2015 at 09.00 am (EET)

The Board of Directors of Neste Corporation resolved on key personnel
long-term incentive

The Board of Directors of Neste Corporation has resolved to establish a new
long-term incentive directed to the Group key personnel (theLTI
). The aim of the LTI is to align the objectives of the shareholders and the
key personnel in order to increase the value of the Company in the long-term,
to retain the key personnel in the Company, and to offer them a competitive
and fair reward plan based on earning and accumulating the Company's shares.

The LTI program consists of three performance share plans, PSP 2016-2018, PSP
2017-2019 and PSP 2018-2020, each with a three-year performance period and a
36-month lock-up period commencing from a performance period's reward
payment. The Board has decided on target group, allocations, and performance
criteria for the PSP 2016-2018.

Approximately 100 key persons, including the members of the Neste Executive
Board (theNEB
), belong to the target group of the PSP 2016-2018.

The potential reward from the performance period 2016-2018 will be based on
the the Group's cumulative comparable Free Cash Flow (FCF) and the Company
share's relative Total Shareholder Return (TSR). The rewards to be paid on
the basis of the performance period 2016-2018 correspond to the value of an
approximate maximum total of 273,000 Neste Corporation shares (including also
the proportion to be paid in cash).

The potential reward from the performance period 2016-2018 will be paid partly
in Neste shares and partly in cash in 2019. The cash proportion is intended
to cover taxes and tax-related costs arising from the reward to a key person.
The shares paid as reward may not be transferred during the 36-month lock-up
period. As a rule, no reward will be paid, if a key person's employment or
service ends before the reward payment. If a key person's employment or
service ends before the end of a lock-up period, the key person must, as a
rule, return the shares paid as reward back to the Company.

The combined amount of rewards to be paid under the LTI and the annual
short-term incentive plan may not exceed 120 per cent of the key person's
gross annual fixed salary in any year.

The key persons must hold all shares given as reward on the basis of the
entire LTI also after the lock-up periods, until the NEB member's
shareholding in the Company in total equals the value of such member's gross
annual fixed salary, and other key person's shareholding in the Company in
total equals half of the value of such key person's gross annual fixed
salary. Such number of shares must be held as long as the key person holds a
position as a NEB member or as long as other key person's employment in a
Group Company continues.

Neste Corporation

Jorma Eloranta
Chair of the Board

Further information:

Jorma Eloranta, Chair of the Board, Tel. +358 10 458 4484
Hannele Jakosuo-Jansson, Senior Vice President, Human Resources and Safety,
Tel. +358 10 458 4688

Neste in brief

Neste is a pioneer in oil refining and renewable solutions. We provide our
customers with premium-quality products for cleaner traffic and industrial
products based on world-class research. Our sustainable operations have
received recognition in the Dow Jones Sustainability World Index and the
Global 100 list of the world's most sustainable companies, among others. Our
net sales for 2014 amounted to approximately EUR 15 billion, and our shares
are listed on NASDAQ Helsinki. Cleaner traffic, energy and life are moved
forward by about 5,000 professionals. More information: neste.com

---------------------------------------

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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: Neste Oyj via Globenewswire

HUG#1973500

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.