The Board of Directors of
Performance Share Plan 2024-2026 and Restricted Share Plan 2024-2026
The Board of Directors of Sitowise has resolved to establish new share-based long-term incentive plans covering the years 2024-2026. Within the Performance Share Plan 2024-2026 ("PSP 2024-2026"), the participants have the opportunity to earn Sitowise shares and cash as a long-term incentive reward, if the performance targets set by the Board of Directors for the plan are achieved. The Board has also resolved on a restricted share plan (Restricted Share Plan 2024-2026) ("RSP 2024-2026"), which is intended as a supplementary share-based long-term incentive plan. The purpose of these plans is to incentivize the participants to work for increased shareholder value in the long-term, to commit them to achieving Sitowise's strategic goals and to increase retention.
PSP 2024-2026 commences at the beginning of 2024 and has a three-year performance period. The potential reward will be paid, according to the Board of Directors' choice, either in Sitowise's shares, in cash, or in a combination of these after the performance period. The potential share rewards are at the participants' free disposal after delivery. The potential rewards will be delivered to the participants in the spring 2027.
The performance criteria applied to the PSP 2024-2026 are profitability (adjusted EBITA margin, %), profitability compared to peers (adjusted EBITA margin, % compared to selected peers) and sustainability services revenue. The respective weights of these targets are 70%, 20% and 10%. In addition, the plan includes a Total Shareholder Return and net sales triggers that need to be exceeded before any rewards can be paid.
If the targets set for the PSP 2024-2026 are fully achieved, the maximum number of shares to be delivered based on this plan is 695,000 shares, and the total maximum value of the shares that may be delivered is approximately
The participants include the CEO and other members of the Sitowise Group Management Team as well as other management and experts. The number of employees eligible to participate in the PSP 2024-2026 is approximately 40 persons.
According to the Company's share ownership rules, the CEO and other members of the Group Management Team are expected to retain shares received based on the plan, or to acquire Sitowise shares with a cash reward received under the plan, until their share ownership in Sitowise corresponds to at least their fixed gross annual salary.
Also the RSP 2024-2026 commences at the beginning of 2024. Its purpose is to act as a supplementary share-based long-term incentive plan for separately selected Sitowise's key persons in special situations, for example in recruitments or acquisitions. Within the plan, the Company can grant fixed share rewards to individually selected key persons during the retention period.
The potential reward will be paid, according to the Board of Directors' choice, either in Sitowise's shares, in cash, or in a combination of these after the performance period and they are at the participants' free disposal after delivery. The potential rewards will be delivered to the participants in the spring 2027.
The total amount of rewards payable under RSP 2024-2026 corresponds to a maximum of 40,000 of the Company's shares and the total maximum value of the shares that may be delivered is approximately
Amendments to the Performance Share Plan 2023-2025
The Board of Directors of Sitowise has decided to amend the terms of the company's Performance Share Plan 2023-2025 ("PSP 2023-2025") that was targeted at the Group Management Team members and the CEO. The plan was first announced on
Changes to the Option Plan 2021 and vesting of stock options 2021A
Sitowise has an Option Plan 2021 established on
The Board of Directors has resolved to amend share subscription price for shares to be subscribed based on Stock Options 2021B. The new share subscription price is
The Board has earlier on
Before the amendments, the share subscription price for all stock options was the share subscription price in the company's initial public offering (
The amendments have been made to preserve the purpose of the stock option plan, which is to engage option holders in the growth of the company's share value. In this manner, a long-term relationship can be established between the company and the option holders that benefits the company both financially and operationally.
The Stock Options 2021A and 2021B are divided into Matching and Performance options. To balance with the changes made to the PSP 2023-2025 plan above, the CEO and other members of the Group Management team belonging to the Stock Option plan will waive 30% of the Matching options and all of the Performance options allocated to them under the Stock Option Plan 2021.
The share subscription period for Stock Options 2021A is
The Board has decided on
Board of Directors
Additional information:
Distribution:
Major media
www.sitowise.com
About Sitowise
Sitowise is a Nordic expert in the built environment with strong focus on digitality. We provide design and consulting knowhow to enable more sustainable and smarter urban development as well as smooth transportation. Sitowise offers services related to real estate and buildings, infrastructure, and digital solutions both in
https://news.cision.com/sitowise/r/the-board-of-directors-of-sitowise-has-decided-on-new-performance-share-plans-and-amendments-to-exis,c3944909
(c) 2024 Cision. All rights reserved., source