Based on the achievement of the performance criteria for the 2021 and 2022 performance periods of the share-based commitment and incentive plan PSP 2021–2024, the board of directors of Kesko Corporation has decided to grant 409,515 Kesko B shares held by the company as treasury shares to the members of management and other significant individuals who were included in the plan’s target group. The Board also decided to grant a total of 187,938 Kesko B shares to the key members of the KPSP 2020 target group and, in accordance with the terms and conditions of the RSP 2020 plan, a total of 11,000 Kesko B shares to key members of the company, based on the achievement of the performance criteria for the 2020 performance period of the KPSP 2020. When appropriate taxes are subtracted from the gross earnings represented by the share numbers, the participants are given the remaining net amount in the form of shares.
On February 2, 2017, a stock exchange announcement announced the first communication of the share plans in Kesko’s share-based commitment and incentive programme. A two-year performance period and a two-year commitment period following the payment of the prospective share award are both included in each individual annually commencing share plan that makes up the Performance Share Plan (PSP). The Key Personnel Share Plan (KPSP), the second performance-based programme, was introduced in a stock exchange release on February 5, 2020. It has a one-year performance term and a two-year commitment period, after which the participants would get their share awards. The Restricted Share Pool (RSP) plan is made up of share plans that start each year. The prospective granted share awards under each RSP plan have a three-year commitment term after which the participants will be compensated. Shares of Kesko B are used to pay out share awards depending on the plans.
Based on the achievement of the performance criteria for the 2021 and 2022 performance periods of the share-based commitment and incentive plan PSP 2021–2024, the board of directors of Kesko Corporation has decided to grant 49 members of management and other significant individuals who were part of the plan’s target group a total of 409,515 Kesko B shares held by the company as treasury shares. On February 3, 2021, a stock exchange statement announced the beginning of the PSP 2021–2024. The transfer of the shares to the grantees is anticipated to take place in March 2023. Prior to the expiration of the associated commitment period on February 10, 2025, the grantees are not permitted to transfer or pledge these shares. The Board agreed to award a total of 187,938 Kesko B shares to 80 important workers in the plan’s target group based on the achievement of the performance criteria for the 2020 performance period. The Board also resolved to grant a total of 11,000 Kesko B shares to important members of the organisation in reliance on commitments made in accordance with the RSP 2020 plan’s terms and conditions. The shares will be given to the grantees at the latest on March 15, 2023, in compliance with the RSP plan’s regulations. When appropriate taxes are subtracted from the gross earnings represented by the share numbers, the participants are given the remaining net amount in the form of shares. Based on the authority given to the Board of Directors by the annual general meeting on April 7, 2022, the shares were granted.
If the recipient has been found guilty of malpractice or an action that violates Kesko’s ethical or responsibility principles or guidance that, taken as a whole, cannot be regarded as insignificant, or if there are substantial grounds for believing that the recipient is guilty of such acts, the Board may decide not to pay a share award or to recover an award that has already been paid. The maximum share award paid to a share plan participant in a calendar year, as determined individually by the Board of Directors, may not be exceeded.
The Kesko Group Management Board members are required to follow a suggestion regarding share ownership. The recommendation states that until their holding of Kesko shares equals at least four times their fixed gross annual pay, each Group Management Board member must hold at least fifty percent of the net shares they were awarded under the company’s share-based compensation plan.
Further information is available from Matti Mettälä, Executive Vice President, tel. +358 105 322 200.
Kesko Corporation
DISTRIBUTION
Nasdaq Helsinki Ltd
Main news media
www.kesko.fi
