Neste Announce Payment of share rewards based on the share based incentive plan
On 3 February 2016, the Board of Directors of Neste Corporation has confirmed the maximum number of shares earned based on the earning period 2013-2015 of the share based incentive plan 2013 for the company’s key personnel and resolved on the payment of the share rewards earned based on said earning period.
Neste Corporation announced the establishment of this incentive plan with a stock exchange release published on 14 December 2012.
The rewards earned based on the performance period 1 January 2013 – 31 December 2015 of the share based incentive plan 2013 shall be paid partly in shares of the company and partly in cash. The proportion paid in cash will cover taxes and tax related costs arising from the rewards.
There will be a maximum of 200,000 shares in total paid to the participants of the plan as share rewards based on the 2013-2015 earning period. The share rewards are paid by transferring a maximum of 200,000 own shares held by the company without consideration to the participants. The aim is to pay the share rewards by 31 March 2016. The final number of the shares to be transferred will be determined on the basis of the terms and conditions of the incentive plan by 31 March 2016 at the latest. The Board of Directors has resolved on the transfer of the own shares based on the authorization granted by the Annual General Meeting of Shareholders held on 1 April 2015.
The shares to be transferred are of the same class as the company’s other shares.
There is an especially weighty financial reason for the Company, also taking into account the interests of all the Company’s shareholders, to deviate from the shareholders’ pre-emptive subscription right in the issue of the Company’s own treasury shares without consideration. The shares issued constitute share rewards within the long-term share-based incentive program of the Company’s Management and these share rewards are, in accordance with the objectives of the incentive program, intended to align the interests of the Management with the interests of the shareholders and to encourage the Management to work on a long-term basis with the aim to increase the shareholder value.
The company holds 798,467 own shares before the above transfer of shares. The maximum aggregate number of shares to be transferred as reward shares is 200,000 shares. After the above transfer the company will hold a minimum of 598,467 own shares.
Source: Neste Corporation
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