Outokumpu Oyj - share-based incentive programmes 2006-2010 and 2009-2013
(Thomson Reuters ONE) - STOCK EXCHANGE ANNOUNCEMENTFebruary 3, 2010 at 9.40 am EETShare-based incentive programme 2006-2010On February 2, 2010, the Board confirmed that the earnings criteria of thesecond earnings period (2007-2009) of the share-based incentive programme2006-2010 were not achieved. The criteria set for the earnings period 2007-2009were relative development in Total Shareholder Return (TSR) performance comparedto a peer group and the combined benefits of the excellence programmes.Achieving each criteria was set to result in 50% payment of the maximum reward.The Board confirmed that the set minimum performance level was not achieved foreither criterion. Therefore, no reward will be paid to the participants for theearnings period 2007-2009.Share-based incentive programme 2009-2013On February 2, 2010 the Board approved 134 employees to be in the scope of theshare-based incentive programme 2009-2013 for its second earnings period2010-2012, which commenced on January 1, 2010.In accordance with the targets confirmed for the earnings period 2010-2012 thereward is based on the relative development of TSR (Total Shareholder Return,2/3 of the maximum reward) over the three-year earnings period and EPS (Earningsper share, 1/3 of the maximum reward). If the employees covered by the secondearnings period were to receive the maximum reward, the aggregate maximum numberof shares to be distributed would be 401 800 shares.The aggregate annual total payment of the reward (shares and cash) under theprogramme together with other short-term and long-term incentives must notexceed 200% of the annual salary of the participant of the programme at the endof the earnings period. In case the above cap exceeds, the reward will be cutaccordingly (both shares and cash).The participant may not dispose of the shares received under the programme for aperiod of 12 months from the time of receipt of the shares. According to theshare ownership plan of the Group, the members of the Group Executive Committeeare obliged to own Outokumpu shares received under incentive programmescorresponding to the value of their annual base salary.Outokumpu's Board of Directors has confirmed that the share-based incentiveprogrammes are part of the incentive and commitment scheme for the company's keypersonnel. The objectives are to reward key personnel for good performance andsupport Outokumpu's strategy while at the same time directing managementattention to increasing long-term shareholder value. The programmes offer thepossibility of receiving both Outokumpu shares and cash (an amount equal totaxes not exceeding 1.5 times the value of the shares at the time they aredistributed) as an incentive, provided that the targets set by the Board foreach earnings period are achieved.OUTOKUMPU OYJOutokumpu is a global leader in stainless steel with the vision to be theundisputed number one. Customers in a wide range of industries use our stainlesssteel and services worldwide. Being fully recyclable, maintenance-free, as wellas very strong and durable material, stainless steel is one of the key buildingblocks for sustainable future. Outokumpu employs some 7 500 people in more than30 countries. The Group's head office is located in Espoo, Finland. Outokumpu islisted on the NASDAQ OMX Helsinki.www.outokumpu.com[HUG#1379845] ENG Share-based incentive programme: http://hugin.info/3010/R/1379845/339700.pdf
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Datum: 03.02.2010 - 02:41 Uhr
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