Ended option schemes and share-based incentive plans
Share-based incentive program 2014-2018 (LTI2014, LTI2015, LTI2016)
On February 12, 2014, the Board of Directors of Raute Corporation decided on the establishment of a new long-term performance based share incentive program (Performance Share Plan) for Raute Group's top management.
The plan includes three individual share plans, commencing in 2014 (LTI2014), 2015 (LTI2015) and 2016 (LTI2016).
The length of each share plan is three years consisting of
- a one-year performance and
- a two-year restriction period following the performance period.
During the restriction period the development of the value of the reward is based on the development of the value of the Company's share. The participant of the program may not sell or otherwise transfer the shares received as a reward during the restriction period.
The Board of Directors of the Company decided separately on the participants of each commencing share plan and on the performance criteria applicable to the performance period of each share plan, the target setting thereof and the target and maximum levels of the payable reward.
LTI2014 Share plan
The LTI2014 Share plan included 11 members of the Group's top management as participants, including the members of the Executive Board. The performance criteria of the share plan 2014 were earnings per share (EPS) and revenue growth. No share reward was paid for the earning period 2014.
LTI2015 Share plan
The LTI2015 Share plan included 11 members of the Group's top management as participants, including the members of the Executive Board. The performance criteria of the share plan 2015 were earnings per share (EPS) and revenue growth. The bonuses paid consisted of 14,523 of the company's series A shares. The corresponding tax portion was paid in cash. The vesting period has ended at the beginning of 2018.
LTI2016 Share plan
The LTI2016 Share plan 2016 includes 12 members of the Group's top management as participants, including the members of the Executive Board. The performance criteria of the share plan 2016 were earnings per share (EPS) and revenue growth. The bonuses paid consisted of 8,913 of the company's series A shares. The corresponding tax portion was paid in cash. The vesting period will end at the beginning of 2019.
Share-based incentive plan 2006-2008
On March 22, 2006, the Board of Directors of Raute Corporation approved a
share-based incentive plan. The earning period started on 1 January 2006 and ended on 31 December 2008.
The amount of the reward paid on the basis of the plan, was bound to Raute's operating profit (weight 75%) and on the evaluation of the Board of Directors' on e.g. the materialization of the strategy (weight +/- 25%). The reward from the plan was paid as combination of shares and cash payment.
On 27 March 2009, Raute Corporation conveyed 18,900 Raute's series A shares held by the company gratuitously to 17 key persons of the company's share-based incentive plan. The shares earned through the plan had to be held for a minimum of two years after the date of payment, until 23 March 2011.
Bond loan with warrants 1998
Accordingly its rules, Raute Corporation's 1998 bond loan with warrants ended on 30 September 2006.
The last subscriptions of 115,300 pcs of series A shares with B warrants related to the 1998 Raute bond loan with warrants were made during August-September 2006.
The registration date of the shares was 2 November 2006. The new shares were traded on the Nordic list of Helsinki Stock Exchange together with the old shares on 3 November 2006.
The total amount of B warrants related to the Raute bond loan with warrants was 212,500 pcs. 22,350 pcs of warrants remained unsubscribed.