TietoEVRY’s Board of Directors resolves on incentive plans for key employees
17 February 2021
TietoEVRY Corporation STOCK EXCHANGE RELEASE 17 February 2021 9.00 EET
TietoEVRY’s Board of Directors has approved two new share-based incentive plans for key employees of TietoEVRY and its subsidiaries, a Performance Share Plan 2021–2023 and a Restricted Share Plan 2021–2023. The aim of the plans is to align the objectives of shareholders and key employees in order to increase the value of the company in the long term. TietoEVRY will nominate approximately 500 key employees, including TietoEVRY’s Group Leadership, to the plans.
The potential rewards from these new incentive plans will be paid partly in the company’s shares and partly in cash in 2024. The cash proportion is intended to cover taxes and tax-related costs arising from the reward. As a rule, no reward will be paid, if a participant´s employment or service ends before the reward payment. The Board of Directors anticipates that share rewards to be delivered to the participants under the plan will consist of shares to be acquired from the market. Thus, no new shares will be issued in connection with the plan and, therefore, the incentive plan will have no dilutive effect.
Performance Share Plan 2021–2023
The potential reward from the Performance Share Plan 2021–2023 will be based on the relative Total Shareholder Return of TietoEVRY share (TSR) and on TietoEVRY’s Earnings per Share (EPS). Performance will be measured during 2021–2023. The rewards to be paid on the basis of the Performance Share Plan 2021–2023 correspond to the value of an approximate maximum of 650 000 TietoEVRY shares, including the proportion to be paid in cash.
Restricted Share Plan 2021–2023
The reward from the Restricted Share Plan 2021–2023 will be based on a valid employment or director agreement of a key employee upon the reward payment. The reward will be paid after the end of a three-year vesting period 2021–2023. The rewards to be paid on the basis of the Restricted Share Plan 2021–2023 correspond to the value of an approximate maximum of 280 000 TietoEVRY shares, including the proportion to be paid in cash.
For further information, please contact: Pamela Storan, Head of Compensation & Benefits, tel. +46 72 539 8703, pamela.storan (at) tietoevry.com
TietoEVRY creates digital advantage for businesses and society. We are a leading digital services and software company with local presence and global capabilities. Our Nordic values and heritage steer our success.
Headquartered in Finland, TietoEVRY employs around 24 000 experts globally. The company serves thousands of enterprise and public sector customers in more than 90 countries. TietoEVRY’s annual turnover is approximately EUR 3 billion and its shares are listed on the NASDAQ in Helsinki and Stockholm as well as on the Oslo Børs. www.tietoevry.com