Special Projects Incentive 2018
The Board of Directors of the defence- and security company Saab proposes a share-based Special Projects Incentive 2018 to the Annual General Meeting in April 2018.
Saab’s order backlog includes a number of special projects with important milestones. Executing these projects, including reaching the milestones, is one of the Company’s greatest challenges over the coming years. At the Annual General Meeting in April 2017, it was therefore resolved to adopt a Special Projects Incentive 2017.
In order to continue to attract and motivate the relevant target group, the Board proposes to the Annual General Meeting in April 2018, a Special Projects Incentive 2018 with corresponding terms and conditions as in Special Projects Incentive 2017.
The enrolment period for participation in Saab’s other share-based incentive programs (the Performance Share Plan 2018 and Share Matching Plan 2018) is mid-November 2017. In order for the eligible key employees to be able to enroll in all programs related to 2018 at the same time in November 2017, the Board already now proposes a Special Projects Incentive 2018 to the Annual General Meeting in April 2018. Consequently, the enrollment in Special Projects Incentive 2018 in November is conditional upon the Annual General Meeting in April 2018 adopting the program. The Board of Director’s complete proposal regarding the program will be included in the notice of the Annual General Meeting 2018, but in principal comprises the following:
Special Projects Incentive 2018 is directed to a maximum of 45 key employees, including the President and other members of the Group Management. Special Projects Incentive 2018 is a complement to the Performance Share Plan 2018 (that was resolved by the Annual General Meeting in April 2017). The performance period for the two programs is the financial year 2018.
Participation in the new program presupposes participation in the Performance Share Plan 2018 or the Share Matching Plan 2018 for purchasing of Saab shares of series B. The program entitles the employee to allotment of performance shares after three years corresponding to 15-52.5 per cent of the cash base salary for the financial year 2018 depending on group belonging, provided that the employment remains for three years and that performance targets are reached. The allotment of performance shares are based on the achievement of eight equally weighted performance targets during the financial year 2018, related to Saab’s special projects within the product areas Gripen, airborne radar systems (AEW&C) and submarines. For the President and other members of the Group Management, allotment of performance shares in the new program and the Performance Share Plan together, may in total amount to a maximum of 75 per cent of the cash base salary for the President and 60 per cent of the cash base salary for the other members of the Group Management. The program covers a maximum of 80,000 shares of series B in Saab. Performance shares in the Special Projects Incentive 2018 will be delivered to the participants in February 2021.
For further information, please contact:
Saab Press Centre,
Ann Wolgers, Press Officer
+46 (0)734 180 018
presscentre@saabgroup.com
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Saab serves the global market with world-leading products, services and solutions within military defence and civil security. Saab has operations and employees on all continents around the world. Through innovative, collaborative and pragmatic thinking, Saab develops, adopts and improves new technology to meet customers’ changing needs.