SRV GROUP PLC STOCK EXCHANGE RELEASE 2 FEBRUARY 2023 8:20 EET
SRV Group Plc: Remuneration pay outs from the incentive plan 2021-2022 and discontinuations of the President & CEO's incentive plan 2019-2026 and the incentive plan 2021-2025
The Board of Directors of SRV Group Plc resolved the following regarding the company’s share-based incentive plans on 1 February 2023:
Remuneration based on the one-off long-term incentive plan for the years 2021–2022
The Board of Directors has confirmed the remuneration to be paid to the individuals covered by the one-off long-term incentive plan for the years 2021–2022 in respect of the 2021–2022 performance period. The remuneration is based on the group’s operative cash flow and the company’s total shareholder return (TSR) over a two-year period. Changes in the company’s number of shares resulting from SRV's reverse share split on 4 July 2022 have been taken into account in calculating the amounts of remuneration in accordance with the terms and conditions of the incentive plan.
The Board has also resolved, in accordance with the terms of the incentive plan, to pay the entirety of the remuneration due to the individuals covered by the plan in cash. The total amount of remuneration to be paid is EUR 155,547 (gross amount from which withholding taxes will be deducted).
A more detailed description of the one-off long-term incentive plan is included in the stock exchange release published by the company on 29 March 2021, which can be found at https://www.srv.fi/en/releases/srv-group-plcs-board-of-directors-resolved-share-based-incentive-plans-for-key-personnel/.
Discontinuations of the President & CEO's share-based incentive plan for the years 2019-2026 and the long-term incentive plan for the years 2021-2025 and initiating preparations for the introduction of a new incentive scheme
The Board of Directors has resolved to discontinue the President & CEO's share-based incentive plan for the years 2019-2026 and the company’s long-term incentive plan for the years 2021-2025. The Board concluded that keeping the incentive plans in place can no longer be justified in view of the financial measures the company made in 2022 to strengthen its balance sheet and the effect of these arrangements on, among other things, the number of shares in the company. As a result of the discontinuations, share acquisition rights under the President & CEO's share-based incentive plan for 2019-2026 have been cancelled and no remuneration will be paid out from the currently ongoing performance periods 2021-2023 and 2022-2024 to the approximately 30 key members of personnel covered by the long-term incentive plan for 2021-2025, including the President & CEO.
The Board has initiated preparations for the introduction of a new, replacing share-based incentive scheme for the company’s key personnel and President & CEO.