Shares andshare-based incentive schemes

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Basware (BAS1V) has been listed on the Helsinki Stock Exchange since 2000.

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Trading code BAS1V
ISIN code FI0009008403
Sector Technology, Mid
Book-counter value EUR 0.30
Listing price on February 29, 2000 EUR 5.70
Closing price on December 31, 2013 EUR 25.03

The total number of shares amounts to 12 931 229. The company has one series of shares, and all the shares carry one vote and an equal right to a dividend.

Share-based incentive schemes

The short-term remuneration of the top management consists of salary, fringe benefits and a possible annual bonus based on performance. Long-term remuneration of the top management consists of a share-based incentive scheme. The Executive Team members’ performance bonus is no more than 50 percent of annual basic salary. The performance bonus percentage is not limited in the CEO’s contract of employment. The bonus is determined on the basis of the attainment of personal objectives and goals supporting the company's growth and profitability according to its strategy. The Board of Directors monitors the fulfillment of the performance and result criteria of the incentive scheme twice a year and approves the bonus.

A share-based incentive scheme was in use between 2009 and 2011. The possible reward of the share-based incentive scheme was based on Basware Corporation's earnings per share (EPS). The bonus of this scheme is paid two years after the end of the vesting period, and no other restrictions are associated with the ownership of the shares received. The bonuses are paid partially as shares in the company and partially in cash.

Basware informed about a new share-based incentive plan for Basware Group key personnel for 2012-2014 on February 17, 2012. On February 15, 2013, the Board of Directors updated this plan to continue until the end of 2015. The terms of the incentive plan remained the same, with the exception of adding one earning period to the plan.

The aim of the plan is to combine the objectives of the shareholders and the key personnel in order to increase the value of the company, commit key personnel to the company and offer them a competitive reward plan. Accordingly, the Board of Directors encourages Basware Executive Team members to hold shares in the company equalling the value of their annual gross basic salary.

The system includes four earning periods – calendar years 2012, 2013, 2014 and 2015. It comprises annual earning periods 2012, 2013, 2014, and 2015 and a fixed earning period 2013-2015. Members of Basware's Executive Team may be allocated additional shares without consideration against shareholding during the earning period 2012-2015.

The Board of Directors decides on the earnings criteria and related targets separately for each annual earning period at the beginning of the earning period. There are employment-related conditions for eligibility for reward payment. The reward for the fixed earning period 2013-2015 is based on Basware Corporation's earnings per share (EPS). The target group of the fixed earning period 2013-2015 includes the members of the Basware Executive Team.

The shares to be allocated at the target level will continue to correspond at the current share price to the approximate amount of 275,000 Basware Corporation shares (including also the proportion to be paid in cash) and totalling 412,500 at the maximum. The possible shares to be allocated will consist of shares held by the company or acquired in public trading through NASDAQ OMX Helsinki Ltd.

Share Monitor

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Dividend

Basware aims at increased market capitalization and moderate dividend yield. When preparing the dividend proposal, the Board considers the company’s financial position, profitability and prospects in the near future.

Dividend Distribution

EUR per share

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
0,12 0,12 0,10 0,15 0,15 0,23 0,36 0,40 0,41 0,23 0,23

 

Historical Share Price

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