Number of original shares granted was 26,400. Performance measure is Relative Total Shareholder Return 2022–2024 (TSR, weight 80%) versus the STOXX Europe 600 index and Combined Greenhouse Gas Impact 2022–2024 (GHG, weight 20%) measured cumulatively in CO2 equivalent, shares will vest in March 2025, no holding period.
President and CEO Matti Lehmus is entitled also to PSP 2020-2022 and PSP 2021-2023 based on his previous role as Executive Vice President, Renewables Platform:
PSP 2020-2022: Performance measure is Total Shareholder Return (TSR, weight 100%) vs STOXX Europe 600 index, shares will vest in March 2023, no holding period.
PSP 2021-2023: Performance measure is Relative Total Shareholder Return 2021–2023 (TSR, weight 80%) versus the STOXX Europe 600 index and Combined Greenhouse Gas Impact 2021–2023 (GHG, weight 20%) measured cumulatively in CO2 equivalent, shares will vest in March 2024, no holding period.
Performance period 2022
The maximum short-term incentive for the President and CEO is 80 percent of annual base salary in 2022. The short-term incentive is based on EBITDA comparable, Free Cash Flow, Adjusted ROACE and group safety measures of TRIF and PSER. Potential reward payment is in March 2023.
Other remuneration elements
|Pension||CEO is entitled to supplementary defined contribution pension plan (DC). The supplementary pension contribution is 16% of annual fixed base salary and retirement age is 62 years.|
|Other benefits||CEO has the company car benefit, mobile phone benefit, private accident-, life- and disability insurance, business travel, directors’ and officers’ liability insurances. President and CEO may participate in the sickness fund in Finland.|
|Share ownership guidelines||President and CEO must accumulate and maintain a shareholding which is equivalent to personal annual fixed salary. Until this threshold is met, participants must retain 50% of vested incentive shares after tax.|
|Service contracts and loss of office payments||Both parties have a six-month period of notice. Should the Company terminate the President and CEO’s agreement, the Company is required to pay six month’s salary and a separate severance pay equivalent to six month’s salary.|