The new President & CEO Marco Levi started in his new position on June 16, 2014. His remuneration comprises the following key components:
The fixed annual base salary is EUR 600,000. The salary is subject to an annual review to be performed in line with the company's salary review process.
The President & CEO is eligible to participate in the company's annual bonus plan and long-term share-based incentive plan in accordance with the company's current practice.
The annual bonus for achieving the targets set by the Board could at the maximum amount to 100% of the annual salary. If the targets under the long-term share-based incentive plan are achieved in full for the first earning period of 2014, the gross reward to be paid will correspond to a pro rata portion (based on the actual months of work) of 100, 000 shares and a cash portion covering the taxes and tax-related costs arising from the reward to be paid. The maximum reward for the future earning periods under the long-term share-based incentive plan will not exceed 125% of the base salary and is subject to the Board's annual review.
The company will grant the President & CEO 120,000 company shares free of charge on terms typical for restricted shares. The ownership of the retention shares includes restrictions such as the right to gradually transfer and dispose of the shares only after 2-4 years and the company's right to buy back the shares.
The President & CEO is entitled to a signing bonus of EUR 216,000.
The President & CEO is entitled to accommodation in Helsinki, and to certain taxable fringe benefits such as healthcare and mobile phone.
The retirement age of the President & CEO is 63 years. The company provides the President & CEO with the applicable statutory pension coverage and a supplementary contribution-based pension insurance.
If the President and CEO's contract is ended for any reason, he is entitled to a severance pay corresponding to 12 months' salary at the time of serving the notice. The period of notice is 6 months.