Basware's Board of Directors has decided to establish new long-term share-based incentive plans for company's management and key employees

Basware Corporation, stock exchange release, 17 December 2021 at 9.00 a.m. EET

The Board of Directors of Basware Corporation has resolved to establish a new long-term incentive structure for the company's management and key employees, which entails two share-based plans:

• Performance Share Plan 2022−2024, which steers key employees toward realizing established strategic objectives and increasing shareholder value, and
• Restricted Share Plan 2022, for selected key contributors in key markets.

The aim of the new plans is to further align the objectives of shareholders and key employees, to retain key employees at the company, and to offer them competitive reward plans based on acquiring, receiving and holding the company's shares.

The potential rewards from the incentive plans will be paid partly in Basware shares and partly in cash. The cash proportion is intended to cover taxes and tax-related costs arising from the reward to the key employee. As a rule, no reward will be paid if a key employee's employment or service ends before the reward payment.

The share plans entail a shareholding requirement for members of the Basware Executive Team and a shareholding recommendation for other participants, where a considerable number of received shares must be held for the long term.

The new Performance Share Plan 2022−2024 will replace the current Performance Share Plan 2020−2021.

Performance Share Plan 2022−2024

The Performance Share Plan includes one performance period, calendar years 2022−2023 and one additional vesting period, the calendar year 2024. The Board of Directors have resolved on the performance criteria at the required performance levels for each criterion. The plan is directed to approximately 60 key employees, including the members of the Basware Executive Team.

The potential reward from the performance period 2022−2023 will be based on the company's relative Total Shareholder Return (TSR), the Group's total revenue and ARR order intake during 2022−2023. The rewards to be paid on the basis of the performance period 2022−2023 correspond to the value of a maximum total of 315,600 Basware Corporation shares (including also the proportion to be paid in cash).

Restricted Share Plan 2022

The Restricted Share Plan is directed to selected key contributors in Basware. The reward from the Restricted Share Plan will be paid after a vesting period of one to three years. The total rewards to be allocated on the basis of the plan will amount to a maximum of 20,000 Basware Corporation shares (including also the proportion to be paid in cash).

The Board of Directors of Basware will seek authorization to issue shares required for the above-mentioned plans at the next Annual General Meeting.

BASWARE CORPORATION

The Board of Directors

For more information, please contact:
Katariina Kataja, Investor Relations Manager, Basware Corporation
Tel. [phone], [e-mail]

Distribution:
Nasdaq Helsinki
Main media
investors.basware.com/en

About Basware:
Basware offers the largest open business network in the world and is the global leader in providing networked purchase-to-pay solutions and e-invoicing services. Our technology empowers organizations with 100% spend visibility by enabling the capture of all financial data across procurement, finance, accounts payable and accounts receivable functions. Basware's solutions play an important role in transitioning to a lower-carbon economy by enabling the digitalization and automation of Purchase-to-Pay enterprise processes that rely on paper. Basware is a global company doing business in more than 100 countries and is traded on the Helsinki exchange (BAS1V: HE). Find out more at https://investors.basware.com/en.  

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