New incentive plan for top managers at BELUGA GROUP
BELUGA GROUP launches a long-term incentive plan to motivate the top management.
The plan will take effect on February 16, 2022, lasting for the next five years with interim vesting of 40% of the incentive package two and a half years after its starting date. A total of about 50 BELUGA GROUP managers will be able to take advantage of this opportunity. Up to 3% of the share capital will be reserved from the quasi-treasury stock for the plan.
This long-term incentive plan belongs to the Stock Appreciation Rights (SAR) type, providing participants with shares in an amount equivalent to the increase in the USD value of the SAR package assigned to each manager. Initial value of one share in the SAR package is $48, which is the weighted average for the 6 months preceding the launch of the plan. The ultimate payout is conditional upon manager staying within the group.
One of the plan goals is to motivate the participants to keep the company capitalization growing over a five-year horizon.
Alexander Mechetin, CEO of BELUGA GROUP, comments: "The launch of the long-term motivation plan for our group top management increases the level of team engagement in and passion about developing BELUGA GROUP and completing tasks aimed at increasing capitalization. It also meets the interests of shareholders, creating prerequisites for retaining professional employees who make the most crucial contribution to the company development."