Long-term incentive plans EVRY
As defined in merger prospectus, EVRY share-based incentive plans are transitioned into Restricted Share Plans (RSP) in the new company.
Tieto and EVRY Boards of Directors approved the merger plan which describes treatment of the non-vested options under the EVRY long-term incentive plans (LTIP) 2017, 2018 and short-term one-off, restricted stock unit programme (STIP). The plans will be continued and transformed in a value neutral way into restricted stock units in the combined company, with equivalency in all material respects with regards to economic value, taking into account the strike price of the options and by applying an option conversion ratio of 1:0.1423.
EVRY interim RSP 2017, RSP 2018 and STIP RSP will continue to vest linearly with one-third after 12 months, one-third after 24 months and one-third after 36 months.
EVRY decided in November 2018 to implement a short-term one-off incentive program (STIP), in the form of a restricted stock unit programme (RSU's), for selected members of the executive management, the purpose of the STIP being to incentivise and secure retention of the selected key management. The STIP covers a total of 666 649 restricted stock units (RSU's), where each vested RSU gives the beneficiary the right to receive one share in the company free of charge (RSU Shares). The RSU's will vest two years after the Grant Date (Vesting Period), subject to the beneficiary still being employed within the EVRY Group at the Vesting Date. The company may choose to settle the vested RSUs in cash rather than in shares, through payment of the Grant Amount to the beneficiary.