Rovio Entertainment Corp.: Rovio decided to establish a new
Rovio Entertainment Corporation Stock Exchange Release February 11, 2022 at 10.00 a.m. EET
Rovio Entertainment Corp.: Rovio decided to establish a new performance share plan 2022–2026 for the key employees of Rovio Entertainment Corporation and its subsidiaries
The objective of the Performance Share Plan is to motivate the key employees to work to increase shareholder value in the long term by offering them a share-based reward for achieving the set performance criteria established by the Board of Directors of Rovio.
The Performance Share Plan consists of three performance periods, covering the consecutive calendar years of 2022-2024, 2023-2025 and 2024-2026. The Performance Share Plan will replace the last performance period of the company’s Performance Share Plan 2020.
The performance criteria for the performance period 2022-2024 are Group’s EBITDA (EUR) for the financial year 2024 (weight 50 %) and Group’s Net Revenue (EUR) for the financial year 2024 (weight 50 %).
The rewards to be paid on the basis of the performance period 2022-2024 correspond to the value of an approximate maximum total of 11,000,000 euros. The maximum number of Rovio Entertainment Corporation shares to be earned in the period will be obtained by dividing the maximum value of rewards by the trade volume-weighted average price of the Rovio share during 27 January 2022–24 February 2022. The rewards to be allocated in the performance period include also the proportion to be paid in cash.
The potential rewards will be paid partly in shares and partly in cash in spring 2025. The cash proportion is intended to cover taxes and tax-related costs arising from the rewards. As a rule, no reward will be paid if a participant´s employment or service ends before the reward payment.
A member of the Leadership Team must hold 50 per cent of the net shares received within the Performance Share Plan until the member´s total shareholding in the company corresponds to the value of 50 per cent of the member´s annual gross salary as long as the membership in the Leadership Team continues.
Rovio’s Restricted Share Unit (RSU) Plan will continue as published on May 17, 2018. A total of 1,560,000 RSUs have been allocated to key employees since 2017. The maximum value of RSUs to be allocated in the RSU Plan during the following 12 months is 900,000 euros. The maximum number of RSUs will be obtained by dividing the maximum value of RSUs by the trade volume-weighted average price of the Rovio share during 27 January 2022–24 February 2022. The rewards to be allocated on the basis of the RSU Plan include also the proportion to be paid in cash.
ROVIO ENTERTAINMENT CORPORATION
Rene Lindell, CFO
+358 40 485 8985
Nasdaq Helsinki Ltd
Rovio Entertainment Corporation is a global mobile-first games company that creates, develops and publishes mobile games, which have been downloaded over 5 billion times. Rovio is best known for the global Angry Birds brand, which started as a popular mobile game in 2009, and has since evolved from games to various entertainment, animations and consumer products in brand licensing. Rovio has produced The Angry Birds Movie (2016), and its sequel, The Angry Birds Movie 2 was released in 2019. The company offers multiple mobile games and has seven games studios – two in Espoo (Finland), one in Stockholm (Sweden), Copenhagen (Denmark), Montreal and Toronto (Canada), as well as a subsidiary in Izmir (Turkey) called Ruby Games, which was acquired in 2021. Most of the employees are based in Finland where Rovio is headquartered. The company’s shares are listed on the main list of NASDAQ Helsinki stock exchange with the trading code ROVIO. (www.rovio.com)