New share-based incentive programme
Copenhagen, 25 February 2021
ISS A/S (ISS.CO, ISS DC, ISSDY), a leading workplace experience and facility management company, has today implemented a new long-term share-based incentive programme (the "LTIP") which replaces the current long-term share-based incentive programme.
The LTIP is a revolving programme which serves the purposes of creating a strong link between remuneration and the strategic and financial performance of ISS while retaining key employees. The LTIP comprises members of the Executive Group Management Board and certain key employees.
Participants under the LTIP will be granted a number of performance share units ("PSUs") which entitle the participant, subject to vesting occurring, to receive a number of existing shares in the Company corresponding to the number of vested PSUs without payment of any consideration.
The PSUs will be subject to a vesting period of at least three years as determined by the Board of Directors at grant. The vesting period for the initial grants under the LTIP will cover the period from the relevant date of grant until 1 March 2024.
Vesting is conditional upon the participant (i) remaining employed with the Company or a Group Company and (ii) having complied in all respects with the general terms and conditions as determined by the Board of Directors. The number of vested PSUs will be determined based on the level of achievement of certain pre-defined performance criteria related to KPIs as further described in the grant letter/general terms and conditions. The number of PSUs vesting will be in the range of 20% to 100% of the initial grant depending on the level of achievement of the performance criteria.
Based on the number of participants in the LTIP, the initial grants to be made in connection with the implementation of the LTIP will comprise up to 1,500,000 shares in total. The theoretical fair value has been estimated to DKK 65 million calculated on the basis of a Black-Scholes model.
Future PSU grants under the LTIP following 2021 shall be made at the sole discretion of the Board of Directors and the fair value is not expected to exceed DKK 70 million on an annual basis.
For investor enquiries
Michael Bjergby, Head of Group Investor Relations, +45 38 17 64 31
Louisa Baruch Larsson, Senior Investor Relations Manager, +45 38 17 65 42
For media enquiries
Kenni Leth, Head of Global PR & Media Relations, +45 51 71 43 68
ISS is a leading workplace experience and facility management company. In partnership with customers, ISS drives the engagement and well-being of people, minimises the impact on the environment, and protects and maintains property. ISS brings all of this to life through a unique combination of data, insight and service excellence at offices, factories, airports, hospitals and other locations across the globe. In 2020, ISS Group’s global revenue amounted to DKK 70 billion. For more information on the ISS Group, visit www.issworld.com.
ISS A/S, ISIN DK0060542181, ISIN US4651472056, ISS Global A/S, ISIN XS1330300341, ISIN XS1145526825, ISIN XS1673102734, ISS Finance B.V., ISIN XS2199343513
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