Fiskars Corporation
Stock exchange release
February 8, 2024 at 08.55 a.m. EET
New periods to start within the share-based long-term incentive programs of
Fiskars Group
The Board of Directors of Fiskars Corporation has approved the launch of new
periods for the years 2024-2026 within the Performance Share Plan and Restricted
Share Plan, which form a part of Fiskars Group's remuneration program for its
key employees. The aim of the plans is to support the implementation of the
company's strategy and drive profitable growth and to align the objectives of
key employees with the shareholders to increase the value of the company.
Performance Share Plan
The Performance Share Plan consists of annually commencing individual
performance share plans, each with a three-year performance period, followed by
the payment of the potential share reward. The Board of Directors will decide
separately the commencement of each individual plan, the performance criteria
and related targets of the plan, the participants and the minimum, target and
maximum rewards for each participant. The amount of the reward paid to a key
person depends on achieving the pre-established targets. No reward will be paid
if targets are not met or if the participant's employment or service ends before
reward payment.
For the 2024-2026 performance period, the plan has a maximum of 70 participants
and the performance targets relate to the company's absolute total shareholder
return, cumulative comparable EBIT and advancing circular products and services.
If the targets of the plan are reached, rewards will be paid to participants in
the spring of 2027.
If all maximum performance targets are reached, the reward payable in shares on
the basis of the 2024-2026 performance period would amount to a total gross
maximum of 700,000 shares. For reference purposes only (noting that the market
value of the shares will constantly change), calculated based on the volume
weighted average price of Fiskars share on February 7, 2024, the estimated total
value of this 2024-2026 performance period is approximately EUR 11.8 million.
Restricted Share Plan
The Restricted Share Plan consists of annually commencing individual restricted
share plans. Each plan comprises an overall three-year retention period during
which the company may grant fixed share rewards to individually selected key
employees as a long-term retention tool. The Board of Directors will decide
separately the commencement of each individual plan. The company may choose to
use a shorter retention period on a case by case basis within this overall three
-year period. The granted share rewards will be paid after the retention period.
No reward will be paid if the participant's employment or service ends before
reward payment.
For the 2024-2026 plan, the plan has a maximum of 30 participants and the share
rewards potentially granted thereunder will be paid in spring of 2027.
The aggregate total maximum number of shares to be paid based on the plan for
years 2024-2026 is gross maximum of 100,000 shares. For reference purposes only
(noting that the market value of the shares will constantly change), calculated
based on the volume weighted average price of Fiskars share on February 7, 2024,
the estimated total value of this 2024-2026 period is approximately EUR 1.7
million.
Other terms
For the plans for years 2024-2026, the maximum value of the reward payable to
each participant based on each of the above described plans is limited by a cap
linked to Fiskars share price development. Information about the other terms
applied to the plans has been published in a stock exchange release on December
10, 2020.
FISKARS CORPORATION
Further information:
Essi Lipponen, Director, Investor Relations, tel. +358 40 829 1192
About Fiskars Group
Fiskars Group (FSKRS, Nasdaq Helsinki) is the global home of design-driven
brands for indoor and outdoor living. Our brands include Fiskars, Georg Jensen,
Gerber, Iittala, Moomin Arabia, Royal Copenhagen, Waterford, and Wedgwood. Our
brands are present in more than 100 countries and we have close to 450 own
stores. We have approximately 7,000 employees and our global net sales in 2023
were EUR 1.1 billion.
We are driven by our common purpose: Pioneering design to make the everyday
extraordinary. In 2024, we are celebrating our 375th anniversary. Since 1649, we
have designed products of timeless, purposeful, and functional beauty, while
driving innovation and sustainable growth.
Read more: fiskarsgroup.com