Huhtamäki Oyj's new performance share arrangement
HUHTAMÄKI OYJ STOCK EXCHANGE RELEASE 15.3.2010 at 8:00
The Board of Directors of Huhtamäki Oyj has decided on a new performance share arrangement to form a part of the long-term incentive and commitment program for the key personnel of the company and its subsidiaries.
The performance share arrangement offers a possibility to earn the company's shares as remuneration for achieving targets established for the earnings criteria. The arrangement includes annually commencing three-year performance share plans. A possible award shall be paid during the calendar year following each three-year plan.
The aggregate maximum of 400,000 shares and a cash payment equivalent to taxes arising from the award to the key personnel may be granted under each three-year plan. Participants to the plan belonging to the Group Executive Team shall hold at least 50 % of the shares received until he/she holds shares corresponding in aggregate to the value of his/her annual base salary. Other participants to the plan shall hold at least 50 % of the shares received until he/she holds shares corresponding in aggregate to the value of his/her 6 months base salary. The aforementioned ownership requirements apply until termination of employment or service.
The first three-year performance share plan will commence in 2010 and the possible award will be based on the Group's Earnings per Share (EPS) in 2012. The award, if any, will be paid during 2013. Commencement of further three-year plans will be separately decided by the Board of Directors.
Upon establishment, the performance share plan is directed to approximately 60 persons.
Mr. Juha Salonen, Senior Vice President, Administration and General Counsel, Tel. +358 (0)10 686 7851
Huhtamaki Group is a leading manufacturer of consumer and specialty packaging with 2009 net sales totaling EUR 2 billion. Foodservice and consumer goods markets are served by approximately 13,000 people in 54 manufacturing units and several sales offices in 33 countries. The parent company, Huhtamäki Oyj, has its head office in Espoo, Finland and its share is quoted on the NASDAQ OMX Helsinki Ltd. Additional information is available at www.huhtamaki.com.