Musti Oyj : The Board of Directors of Musti Group plc have decided on a new performance period for the long-term Performance Share Plan for the key employees

Musti Group plc                        Stock Exchange Release    26 November 2020 at 9.00 a.m.

The Board of Directors of Musti Group plc have decided on a new performance period for the long-term Performance Share Plan for the key employees

The Board of Directors of Musti Group plc have decided on a long-term Performance Share Plan (PSP) for the Group's management team and other key employees for the performance period 2021-2023.

The Performance Share Plan (PSP) includes three three-year performance periods, which are the financial years 2020-2022, 2021-2023 and 2022-2024. Musti Group's Board of Directors decides on the performance criteria and targets in the beginning of each performance period.

The launch and essential terms and conditions of the PSP have been published in a stock exchange release on 7 May 2020. The plan will form a part of Musti Group plc's remuneration program for its key employees, and the aim of the PSP is to align the objectives of the shareholders and key employees for increasing the value of the Company in the long-term, to commit the key employees to the Company and to offer them competitive incentive schemes that are based on earning and accumulating shares.

In the performance period FY2021-2023, the plan has 29 participants at most and the targets for the performance period relates to company's total shareholder return (TSR) and adjusted EBITA. The maximum number of shares to be paid based on the performance period FY2021-2023 is approximately 130,000 Musti Group plc's shares. The number of shares represents gross earning, from which the withholding of tax and possible other applicable contributions are deducted, and the remaining net amount is paid in shares. However, the company has the right to pay the reward fully in cash under certain circumstances. Potential rewards from the performance period FY2021-2023 will be paid out during autumn of 2023.

In the performance period FY2020-2022, the plan has 11 participants at most and the targets for the performance period relates to company's total shareholder return (TSR) and adjusted EBITA. The maximum number of shares to be paid based on the performance period FY2020-2022 is approximately 250.000 Musti Group plc's shares. The number of shares represents gross earning, from which the withholding of tax and possible other applicable contributions are deducted, and the remaining net amount is paid in shares. However, the company has the right to pay the reward fully in cash under certain circumstances. Potential rewards from the performance period FY2020-2022 will be paid out during autumn of 2022.

 

Robert Berglund

CFO, Musti Group

tel. [phone]

 

Distribution:
Nasdaq Helsinki
Main media
www.mustigroup.com
 

Musti Group in brief
Musti makes the life of pets and their owners easier, safer and more fun. We are the leading Nordic pet care company and we operate an omnichannel business model to cater for the needs of pets and their owners across Finland, Sweden and Norway. We offer a wide, curated assortment of pet products. We also provide pet care services such as grooming, training and veterinary services in selected locations.

Musti Group's net sales were EUR 284 million in the financial year 2020. At the end of the financial year 2020, the company had 1,162 employees, over one million loyal customers and 293 stores.

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