The Board of Directors of Oriola-KD Corporation Decided to Continue the Key Personnel Share Savings Plan
ET | Source:Oriola-KD Oyj
Oriola-KD Corporation Stock Exchange Release 28 August 2014 at 9.00 a.m.
The Board of Directors of Oriola-KD Corporation Decided to Continue the Key
Personnel Share Savings Plan
Oriola-KD Corporation announced on 28 May 2013 the implementation of a Key
Personnel Share Savings Plan (the Plan). During the first Savings Period
2013-2014, a total of 50 key employees enrolled in the Plan.
The Board of Directors has decided to launch a new Savings Period 2014-2015 that
will be offered to approximately 85 Group key employees. The Savings Period will
begin on 1 October 2014 and end on 30 September 2015. The maximum monthly saving
is 10 percent and the minimum is 2 percent of each participant's fixed monthly
gross salary. The accumulated savings are used for purchasing Oriola-KD class B
shares for the participants at the market price quarterly.
In return, each participant will receive two free class B matching shares for
every three acquired savings shares. Matching shares will be delivered to a
participant if the participant holds the acquired shares from the Savings Period
until the end of the designated holding period and if his or her employment with
a company has not been terminated on the last day of the holding period on bad
leaver terms. The holding period will end on the publication date of the Oriola-
KD Q3/2016 interim report. Matching shares will be paid partly in the Company's
class B shares and partly in cash. The cash proportion is intended for covering
taxes and tax-related payments arising from the reward to a key person.
A key person will participate in the Plan for one year at a time. Shares will be
acquired with the accrued savings at the market price quarterly, after the
publication date of the relevant interim report. Any dividends paid on purchased
shares during the commencing Savings Period will automatically be reinvested
into additional class B shares on the following purchase date. These shares will
have an equal right to matching shares.
The aggregated estimated value of the matching shares in the Savings Period
2014-2015 is 305,000 euros including taxes and social costs assuming all
eligible employees will participate and will save an average of 5 percent of
their fixed monthly gross salary. Based on the above mentioned assumptions the
number of new shares to be issued or treasury shares held by the Company to be
transferred as matching shares is approximately 114,000 class B shares, which
corresponds to 0.08 percent of all of the Company's shares.
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