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Rovio Entertainment Corporation Stock Exchange Release Feb 9, 2023 10:00 AM EET
Rovio Entertainmentspeech Start planning period 2023–2025 Employee Share Savings Plan and Decide continuing long term incentive plan
Employee Share Savings Plan
The Board of Directors of Rovio Entertainment Corporation has decided to initiate a new plan period 2023-2025 for the Employee Share Savings Plan (ESS Plan) established in 2020. The overall details of the new planning period are similar to the previous planning periods. About 200 employees are Rovio shareholders through the ESS program.
The new program period is offered to approximately 570 Rovio employees, including those in Finland, Sweden, Denmark and Canada. Participation in the ESS program is voluntary. The savings period for the program period 2023-2025 starts on April 1, 2023 and ends on March 31, 2024. Participants can save a minimum of 2% and a maximum of 8% of their wages in the plan. The savings will be used to acquire Rovio stock quarterly after the corresponding interim report date. Dividends paid on shares are reinvested in additional shares purchased from the market at the next potential acquisition date. In return for this commitment, Rovio is giving participating employees one free matching share (gross) for every two savings shares they spend on their savings, including a percentage paid in cash to cover applicable taxes and payment-related fees. A prerequisite for receiving matching shares is continued employment and holding savings shares until the end of the holding period ending August 31, 2025. Matching shares are paid to participating employees at the end of the holding period.
Savings shares and matching shares during the plan period will be obtained through market share purchases.
2022 Performance Sharing Plan–2026 / 2023 implementation period–2025
Rovio Entertainment Corporation’s Board of Directors has established a 2022 performance-sharing plan for Rovio Entertainment Corporation’s key employees. The main terms of the performance share plan for 2022-2026 were published on the stock exchange on February 11, 2022.
The performance criteria for the 2023-2025 performance period are Group EBITDA (EUR) for FY2025 (weight 50%) and Group Net Income (EUR) for FY2025 (weight 50%)
Incentives paid based on the performance period from 2023 to 2025 correspond to a maximum aggregate value of approximately EUR 15,000,000. The maximum number of Rovio Entertainment Corporation shares to be earned during the period will be obtained by dividing the maximum value of the award by the volume-weighted average price of Rovio shares for the period January 26, 2023 to February 23, 2023. The rewards allocated during the performance period also include the proportion of cash payments.
The potential award will be paid partly in stock and partly in cash in spring 2026. The cash portion is intended to cover taxes and tax-related costs incurred on awards. Generally, no award will be paid if the participant’s employment or service ends before the award is paid.
A member of the leadership team must hold 50% of the net shares received in the Performance Share Plan until the member’s total equity in the company equals 50% of the member’s total annual salary for as long as the member continues on the leadership team.
2017 Restricted Stock Plan
Rovio’s restricted stock unit (RSU) program will continue as announced on May 17, 2018. Since 2017, a total of 1,530,000 RSUs have been allocated to key employees. The maximum amount of RSU allocated in the RSU scheme is EUR 714,000 for the next 12 months. The maximum number of RSUs will be obtained by dividing the maximum value of RSUs by the volume-weighted average price of Rovio stock from January 26, 2023 to February 23, 2023. Awards will be distributed according to the RSU plan and also include a percentage of cash payments.
Rovio Entertainment
Board of Directors
For more information, please contact:
Rene Lindell, Chief Financial Officer
RovioIR@rovio.com
+358 40 730 3442 (Investor Relations)
distribute:
Nasdaq Helsinki Ltd.
major news media
About Rovio:
Rovio Entertainment Corporation is a mobile-first global gaming company that creates, develops and publishes mobile games that have been downloaded more than 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 grown from games to a variety of entertainment, animation and consumer products licensed by the brand. Rovio produced The Angry Birds Movie (2016), whose sequel, The Angry Birds Movie 2, was released in 2019. The company offers a wide range of mobile games and has eight game studios – one in Espoo (Finland), one in Stockholm (Sweden), one in Copenhagen (Denmark), one in Barcelona (Spain) and two in Montreal , one in Toronto (Canada). The studios also include an Izmir (Turkey)-based subsidiary called Ruby Games, which was acquired in 2021. Most of the employees are based in Rovio’s headquarters in Finland. The company’s shares are listed on the main board of the NASDAQ Helsinki Stock Exchange under the trading symbol ROVIO. (www.rovio.com)
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