Remuneration Information • Mar 2, 2020
Remuneration Information
Open in ViewerOpens in native device viewer
Free for publication on March 2, 2020 at 8.20 a.m. (CET+1)
The Board of Directors of Bittium Corporation has decided on the establishment of a newshare-based long-term incentive scheme for the Company's management. It comprises a Performance Share Plan ("PSP").
The objectives of the Performance Share Plan are to align the interests of Bittium's managementwith those of the Company's shareholders and, thus, to promote shareholder value creation in the long term, to commit the management to achieving Bittium's strategic targets and the retention of Bittium's management.
The Performance Share Plan consists of three annuallycommencing three-year performance share plans, PSP2020-2022, PSP2021-2023 and PSP2022-2024, each with a one-year performance period,which is followed bythe payment of the share reward and a two-year transfer restriction period. The commencement of the following two plans, PSP2021-2023 and PSP2022-2024, is, however, subject to a separate Board decision.
Eligible to participate in the first plan, PSP2020–2022, are the members of Bittium's ManagementGroup.
The performance measures based on which the potential share reward under PSP2020-2022 will be paid are the revenue growth and cash flowbefore financial items of Bittium.Aprecondition for the payment of the share reward is, in addition, that the employment relationship of the participantwith Bittium continues at the time the reward is paid. The potential reward will be paid in shares of Bittium.
In addition to the performance measures the plan contains a share price increase-based maximum limit for the share reward payable to the participants as separatelydetermined bythe Board.
If all the performance targets set for the first plan, PSP2020 – 2022, are fullyachieved, the aggregate maximum number of shares to be paid based on this first plan is approximately110,000 shares (gross before the withholding of the applicable payroll tax).
The aggregate gross value of PSP2020 – 2022, estimated based on the volume-weighted average quotation of Bittium's share during the period H2/2019, is approximatelyEUR0.7 million.
Bittium applies a share ownership policyto the members of its ManagementGroup.According to this policyeach member of the ManagementGroup is expected to retain in his/her ownership at least half of the shares received under Bittium's share-based incentive plans until the value of CEO's share ownership in Bittium corresponds to at least his/her annual gross base salaryand other participants' 25%- 50%their annual gross base salary.
Oulu, March 2, 2020 Bittium Corporation The Board of Directors
Hannu Huttunen CEO Tel. +358 40 344 3507
Nasdaq Helsinki Oy Main media
Bittium specializes in the development of reliable, secure communications and connectivity solutions leveraging its 30 year legacy of expertise in advanced radio communication technologies. Bittium provides innovative products and services, customized solutions based on its product platforms and R&D services. Complementing its communications and connectivity solutions, Bittium offers proven information security solutions for mobile devices and portable computers. Bittium also provides healthcare technology products and services for biosignal measuring in the areas of cardiology, neurology, rehabilitation, occupational health and sports medicine. Net sales in 2019 were EUR75.2 million and operating profitwas EUR6.3 million. Bittium is listed on Nasdaq Helsinki.www.bittium.com
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.