TOKMANNI GROUP CORPORATION CORPORATE RELEASE 8.2.2017 8.45 a.m.
THE BOARD OF DIRECTORS OF TOKMANNI GROUP CORPORATION HAS RESOLVED ON LONG-TERM INCENTIVE PROGRAM
The Board of Directors of Tokmanni Group Corporation has resolved to establish a new share-based incentive program directed to the key employees. The aim of the program is to combine the objectives of the shareholders and the key employees in order to increase the value of the Company in the long-term, to commit the key employees to implement the Company's strategy, and to offer them a competitive reward program based on earning and accumulating the Company's shares.
The performance share program includes the calendar year 2017. The potential reward of the program will be based on the Company's Earnings per share on December 312017 and on the market value development 1.1-31.12.2017.
The target group of the program includes the CEO, the members of the Executive Group as well as other key employees. The potential rewards, which by nature are taxable income, to be paid correspond to an approximate maximum total of 120,000 Tokmanni Group Corporation's shares based on the 31 December 2016 market value and will be paid in Tokmanni Group shares in 2020. The Board can decide to pay the reward partly in cash. The cash proportion covers taxes and tax-related costs arising from the reward to a key employee. As a rule, no reward will be paid, if the employment or service of a target group employee ends before the reward payment.
The Board decision is subject to the decision of the Annual General Meeting to authorize the board to issue shares without subscription price for the purposes of this incentive Program. The Notice to convene the Annual General Meeting will be published later in February. The Annual General Meeting will be held on March 24, 2017.
Tokmanni Group Corporation
The Board of Directors
Further Information, please contact: Sixten Hjort, CFO tel: +358 20 728 6043 sixten.hjort(a)tokmanni.fi
Tokmanni in brief Tokmanni is the largest general discount retailer in Finland measured by number of stores and revenue. In 2016, Tokmanni's revenue was EUR 776 million and on average it had approximately 3,200 employees. Tokmanni is the only nationwide general discount retailer in Finland, with 162 stores across Finland as at 31 December 2016.
Distribution: Nasdaq Helsinki Ltd Main news media
