AKTIA BANK PLC
Stock Exchange Release
25/08/2017 at 11.15 am
The Board of Directors of Aktia Bank plc has, on 15 December 2016, decided to introduce two new share-based incentive schemes for key personnel in Aktia Group, the share-based incentive scheme 2017–2018 and the share ownership scheme 2017.
Share-based incentive scheme 2017-2018
The Board of Directors did on 24 August decide to amend the earning period for the share-based incentive scheme 2017–2018 to end on 31 March 2018, taking into consideration the ongoing strategy work and transformation aimed to improve profitability and focus on growth as well as capital efficiency.
The earnings criteria for the earning period 2017 are the Aktia Group’s net commission income (Q4 2017–Q1 2018) (impact 50%) and the Group’s staff costs, IT-related costs, and other expenses (Q1 2018) (impact 50%).
The share-based incentive scheme, consisting of a total of 120,000 Aktia A shares, is allocated to members of the Aktia Group’s new Executive Committee, and it will comprise 10 persons.
The potential incentive will be paid out in four instalments after the earning period, over a period of approximately three years. In general, no incentive is paid to a key person who, at the time of payment, no longer has an employment relationship with the Aktia Group. For transfer of shares paid as incentive, a one-year waiting period is applied. After the waiting period, half of the shares must be held until the value of the person’s holdings of Aktia Bank A shares equals the person’s fixed annual salary.
Share ownership scheme 2017
Further, the Board of Directors decided that the share ownership scheme 2017 shall be offered to the Manging Director and three members of the Executive Committee. The scheme gives them the opportunity to a receive compensation (matching shares) for Aktia A shares they have acquired with their own means. The scheme comprises a maximum total of 40,000 Aktia A shares and a cash proportion corresponding the value of the shares. Matching shares will be paid out in three instalments in 2018, 2019 and 2020. In order to receive matching shares, the person must have a continuing employment relationship upon payment of the incentive.
Applicable regulations and instructions will be followed in payment of the incentives.
Aktia Bank plc
For more information, please contact:
Dag Wallgren, Chairman of the Board of Directors, tel. +358 40 522 4648
Distribution:
Nasdaq Helsinki Ltd
Central media
www.aktia.fi