Efecte Plc: New share-based long-term incentive scheme for CEO of Efecte
EFECTE PLC -- COMPANY ANNOUNCEMENT -- 11 August 2023 at 8.30
Efecte Plc: New share-based long-term incentive scheme for CEO of Efecte
The Board of Directors of Efecte has decided to establish a new share-based long-term performance share plan (PSP) for the CEO of Efecte. The objective of the plan is to support shareholder value growth, incentivize and commit the CEO and align his interests with those of the shareholders.
The established Performance Share Plan for 2023–2025/2026 (“PSP 2023-2025/2026”) consists of two parts: “PSP 2023-2025” and “PSP 2023-2026”. PSP 2023-2025 includes a performance period commencing 1 July 2023 and lasting until the end of 2025, and PSP 2023-2026 a performance period commencing 1 July 2023 and lasting until the end of 2026. The performance period for both parts of the plan is followed by a reward payment based on the performance targets the Board of Directors has set for the plan.
The reward will be paid, according to the Board’s choice, either in Efecte Plc shares, in cash, or in a combination of these. Cash portion of the reward is intended to cover the taxes and related statutory payments arising from the paid reward.
The PSP 2023–2025/2026 is targeted only at the CEO of the Company. As a main rule no reward is paid if the participant has terminated his service relationship or employment, or if participant’s service relationship or employment is terminated by the company, before the payment of the reward.
The performance targets based on which the potential reward under Performance Share Plan 2023–2025/2026 is paid are based on the absolute total shareholder return. Depending on performance against the performance targets set for PSP 2023–2025/2026, the rewards paid based on the plan will range between 9 435 and 37 740 shares for PSP 2023-2025 and between 7 075 and 28 300 shares for PSP 2023-2026, also including the proportion to be paid in cash.
The total value of the rewards under PSP 2023–2025/2026 is between approximately EUR 0.2 million and EUR 0.6 million depending on performance. The value is estimated based on the volume-weighted average share price on 60 trading days preceding this release. The total amount of rewards means their gross amount before the withholding of the applicable payroll tax. The materialized value of the plan may differ from this estimate depending on the share price development.
Further enquiries:
Tatu Paavilainen, Head of Legal, +358 400 383 064
Certified Adviser:
Evli Plc, tel +358 40 579 6210
Efecte Plc
Efecte helps people digitalize and automate their work. Customers across Europe leverage our cloud service to operate with greater agility, to improve the experience of end-users, and to save costs. The use cases for our solutions range from IT service management and ticketing to improving employee experiences, business workflows, and customer service. We are the European Alternative to the global goliaths in our space. Our headquarters is located in Finland and we have regional hubs in Germany, Poland, Spain and Sweden. Efecte is listed on the Nasdaq First North Growth Market Finland marketplace.
