Sanoma Corporation, Stock Exchange Release, 11 February 2022 at 8:40 EET
Sanoma continues its long-term share-based incentive programme and proposes to lengthen the performance period from one to two years
The Board of Directors of Sanoma Corporation has approved the continuation of the Group’s long-term share-based incentive programme for approx. 220 employees. Under the annual share-based long-term incentive programmes originally announced on 7 February 2013 and 7 February 2014, a new Performance Share Plan (PSP) 2022−2024 and Restricted Share Plan 2022−2024 are introduced.
In Sanoma’s earlier PSPs introduced in 2014−2021, the one-year performance period is followed by a two-year vesting period. Subject to the adoption of the updated Remuneration Policy by the Annual General Meeting 2022 (to be held on 7 April 2022), the performance period in the PSP 2022−2024 will be lengthened to two years. The vesting period following the two-year performance period will be one year.
Performance Share Plan 2022–2024
The performance measures for the Performance Share Plan 2022–2024 are based on adjusted free cash flow and adjusted earnings per share targets for 2022−2023.
The share rewards payable, subject to the achievement of the performance measures, will be delivered to the participants in spring 2025, subject to meeting the continuous employment or good leaver ground conditions at the time of the payment. The share rewards to be paid will amount up to a maximum of 540,000 Sanoma shares (gross, before the deduction of related taxes).
Restricted Share Plan 2022–2024
The duration of the Restricted Share Plan commencing at the beginning of 2022 is three years. The share rewards payable based on the plan will be delivered to the participants in spring 2025. The share rewards to be paid will amount up to a maximum of 20,000 Sanoma shares (gross). The plan is introduced for specific, non-performance related remuneration needs.
Kaisa Uurasmaa, Head of Investor Relations and Sustainability, tel. +358 40 560 5601
Sanoma is an innovative and agile learning and media company impacting the lives of millions every day. Our Sustainability Strategy is designed to maximise our positive ‘brainprint’ on society and to minimise our environmental footprint. We are committed to the UN Sustainable Development Goals and signatory to the UN Global Compact.
Our learning products and services enable teachers to develop the talents of every child to reach their full potential. We offer printed and digital learning content as well as digital learning and teaching platforms for primary, secondary and vocational education, and want to grow our business.
Our Finnish media provide independent journalism and engaging entertainment also for generations to come. Our unique cross-media position offers the widest reach and tailored marketing solutions for our business partners.
Today, we operate in eleven European countries and employ more than 5,000 professionals. In 2021, our net sales amounted to approx. 1.25bn€ and our operational EBIT margin excl. PPA was 15.8%. Sanoma shares are listed on Nasdaq Helsinki. More information is available at sanoma.com.