The plans 2017-2019 within UPM share incentive programmes
UPM-Kymmene Corporation Other information disclosed according to the rules of the Exchange 14 February 2017 at 9:30 EET
The plans 2017-2019 within UPM share incentive programmes
UPM's Board of Directors has approved the commencement of new plans for the period 2017-2019 within the company's two long-term share incentive programmes: the Performance Share Plan and the Deferred Bonus Plan.
The long-term share incentive programmes consist of annually commencing new plans subject to the approval of the Board of Directors of UPM in each case.
The earning criterion for the earning period 2017-2019 of the Performance Share Plan is the total shareholder return during 2017-2019.
The earning criteria for the Deferred Bonus Plan are based on the Group and each business area's EBITDA. The plan for the period 2017-2019 consists of a one-year earning period (2017) and a two-year restriction period following thereafter (2018-2019).
The share incentive plans for the period 2017-2019 cover in total approximately 380 participants. In case all the set performance targets are met in full, the estimated total maximum number of shares to be delivered under these plans is approximately 1,200,000 shares. The above indicated estimate of the maximum share rewards represents the gross value of the rewards of which the applicable taxes will be deducted before the shares are delivered to the participants.
Share delivery will be executed by using already existing shares and the plans, therefore, have no dilutive effect. Besides the attainment of the performance criteria the share reward under both plans is subject to the continuation of the employment. The share rewards earned on the basis of the plans for the period 2017-2019 will be delivered in 2020.
For further information, please contact:
Riitta Savonlahti, Executive Vice President, Human Resources, tel. +358 204 15 0048
UPM-Kymmene Corporation
Pirkko Harrela
Executive Vice President, Stakeholder Relations
UPM, Media Relations
Mon-Fri from 9:00 to 16:00 EET
tel. +358 40 588 3284
media@upm.com
UPM
Through the renewing of the bio and forest industries, UPM is building a sustainable future across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Paper ENA and UPM Plywood. Our products are made of renewable raw materials and are recyclable. We serve our customers worldwide. The group employs around 19,300 people and its annual sales are approximately EUR 10 billion. UPM shares are listed on NASDAQ OMX Helsinki. UPM - The Biofore Company -
www.upm.com
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: UPM via GlobeNewswire
