Kotipizza Group Oyj
Stock Exchange Release 6 May 2016 at 9.00 am (EET)
Kotipizza Group Oyj introduces a new share-based incentive plan
The Board of Directors of Kotipizza Group Oyj has resolved on a new long-term share-based incentive program targeted to the executive board.
The aim of the incentive plan is to strongly combine the objectives of the shareholders and the key employees participating in the program for increasing the company's value and carrying out the business strategy in a long term as well as to engage the key employees to the company and to offer them a competitive incentive program based on earning shares in the company and the value development of the company.
The new program covers three three-year earning periods. Based on the plan the company may give performance shares in the earning period 1.2.2016-31.1.2019. For earning periods 1.2.2017-31.1.2020 and 1.2.2018-31.1.2021 the company may give also discretionary matching shares based on the key employees' shareholding in addition to the performance shares. The Board of Directors of the company confirms the performance measures, type and maximum number of the reward shares as well as eligible key employees at the beginning of each earning period.
The performance measures applied are the average growth of Kotipizza Group chain's total sales and earning per share in the three-year earning period.
Based on earning period 1.2.2016-31.1.2019 at maximum 47.204 performance shares can be given as reward, which includes the cash payment portion of the reward. The potential reward is to be paid as combination of shares (50%) and a cash payment (50%). With the cash payment it is aimed to cover taxes and tax-like charges resulting for the key employee. The Board of Directors thus anticipates that the maximum dilutive effect on the number of the company's registered shares for the first earning period is 0,37%. If the employment of the key employee terminates before the payment of the reward, the reward is not, as a rule, to be paid.
Kotipizza Group Oyj
Johan Wentzel, Chairman of the Board of Directors
Tommi Tervanen, CEO
More information:
Tommi Tervanen, CEO
tel. +358 207 716 743
Timo Pirskanen, CFO
tel. +358 207 716 747
Kotipizza Group in brief
Kotipizza is a Finnish pizza chain founded in 1987. At the end of financial year 2015, the number of restaurants stood at 257 restaurants. In 2015, the sales of Kotipizza restaurants were EUR 77.3 million. Kotipizza Group net sales were EUR 56.4 million for the financial year 2015 with a comparable EBITDA of EUR 5.03 million respectively.
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