In This Article:
The Board of Directors of Svitzer Group A/S (the “Board of Directors”), CVR-no. 44 79 14 47, (“Svitzer Group” or the “Company”) has today decided to implement a new share-based incentive plan for 2025 - the Employee Share Purchase Plan (the "ESPP"), and to announce the annual grant of restricted share units (“RSUs”) for 2025 under the Company’s current long-term incentive plan (the “LTI”).
Employee Share Purchase Plan 2025
The Global Leadership Team of Svitzer will be invited to participate in the ESPP for 2025. The ESPP is designed to cultivate a genuine ownership culture and incentivise commitment and retention of the participants.
Under the ESPP, participants will be invited to acquire a number of shares in the Svitzer Group at market price (“Investment Shares”) based on a fixed investment amount. Participants will then be granted a number of matching shares equal to the number of Investment Shares acquired (“Matching Shares”). The Matching Shares will be granted free of charge. It is a requirement for participation in the ESPP, and for the grant of Matching Shares, that the participant is employed with the Company or the group on the date of the grant and that such employment is not under notice of termination.
The Matching Shares have a vesting period of three years from 1 April 2025 and will, upon vesting, be converted into an equivalent number of ordinary shares in Svitzer Group. Vesting of the Matching Shares is subject to the participant’s continued employment with the Company or the group, and the participant maintaining ownership of their Investment Shares for the duration of the vesting period. Customary good leaver and bad leaver provisions apply to vesting under the ESPP.
Based on the expected number of Investment Shares to be acquired by participants, approximately 16,000 Matching Shares will be granted to participants. The aggregate value of the Matching Shares to be granted under the ESPP for 2025 may amount to up to DKK 3 million.
Grants of Restricted Share Units for 2025
The annual grant of RSUs for 2025 under the Company’s current Long-Term Incentive Plan (LTI), in accordance with the Remuneration Policy, will entitle participants, subject to vesting, to be allocated a number of shares in the Company equivalent to the number of RSUs that have vested and not lapsed.
The CEO will be granted 85% of the annual base salary in the form of RSUs, and the CFO will be granted 60% of the annual base salary in the form of RSUs. The grants of RSUs under the LTI for 2025 are expected to take place in April 2025 and will be based on the volume-weighted average share price (VWAP) of the Company’s shares traded on Nasdaq Copenhagen during the first 5 trading days following the publication of the Annual Report.