REMUNERATION STATEMENT
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1 REMUNERATION STATEMENT F-Secure Corporation 1 June 2017
2 Table of Contents Board of Directors and Compensation of the Board of Directors... 3 Members of the Board of Directors... 3 Remuneration of the Board of Directors... 3 Compensation of CEO and the Leadership Team... 3 Key principles of rewarding considering the CEO and Leadership Team members... 3 Fixed Remuneration of the CEO and the Leadership Team... 4 Base Salary (Monthly Fixed Pay)... 4 Fringe Benefits... 4 Pensions... 4 Terms of notice for the CEO... 4 Variable Compensation and Performance Based Rewarding... 4 Short Term Performance Based Incentive Rewarding (STI)... 4 Long-term Performance Based Pay... 5 Performance Based Share programs (Long-term Share Based Incentive Programs)... 5 Restricted Share Based Incentive Program... 6 Long-term Cash Program... 6 Synthetic Options Program... 6 Rewarding of the CEO and the Leadership Team in Leadership Team compensation in Board Compensation in Current shareholdings of the CEO and other members of the Leadership Team / 7
3 Board of Directors and Compensation of the Board of Directors Members of the Board of Directors The Annual General Meeting of F-Secure Corporation held on 5 April 2017 decided the number of Board members to be seven (7). The following current members were re-elected: Pertti Ervi, Matti Heikkonen, Bruce Oreck and Risto Siilasmaa. Sofie Nystrøm, Päivi Rekonen and Ari Inki were elected as new members of the Board. Remuneration of the Board of Directors Remuneration of the Board members is decided annually in the Annual General Meeting. It was decided in the AGM that the annual compensation remains on the previous year's level. Approximately 40% of the annual remuneration will be paid as company shares. Position Reward Paid as Cash Reward Paid as Shares Total Chairman of the Board EUR EUR EUR Committee Chairmen EUR EUR EUR Other Members of the Board EUR EUR EUR For Members of the Board, changes in the holdings of the Company shares and rewards paid as shares are reported according to the Market Abuse Regulation. Related stock exchange releases are available on the company web pages. Full ownership details are reported in the Annual Report. Compensation of CEO and the Leadership Team The Board of Directors nominates the Chief Executive Officer and decides on his/her remuneration and benefits. Mr. Samu Konttinen has acted as the Chief Executive Officer since 1 st August Key principles of rewarding considering the CEO and Leadership Team members The compensation of the CEO and other members of the Leadership Team consists of base salary, benefits, short-term incentives and long-term incentives. The CEO and other members of the Leadership Team are entitled to receive a performance based rewards which are paid based on achievements in specific financial and operative criteria set by the BoD. About half of the total compensation of the CEO and other members of the Leadership Team is paid as fixed monthly salary and the rest consists of short and long term incentives and fringe benefits. 3 / 7
4 Fixed Remuneration of the CEO and the Leadership Team The fixed remuneration on the CEO and other members of the Leadership Team consists of base salary and fringe benefits. The CEO and other members of the Leadership Team do not receive any additional compensation for their work in the Leadership Team or for acting in other decision making bodies of the Corporation. Base Salary (Monthly Fixed Pay) Base salaries of the CEO and other members of the Leadership Team are decided by the BoD. Changes to Leadership Team members salaries are proposed by the CEO and changes to CEO s base salary are proposed by the Personnel Committee. Fringe Benefits Fringe Benefits of the CEO and other members of the Leadership Team are decided by the BoD. Changes to CEO s or Leadership Team Members Fringe Benefits are proposed by the Executive Committee. CEO and other members of the Leadership team have same taxable (car, mobile phone and lunch benefit) and non-taxable fringe benefits which the company offers to its employees in Finland. Pensions Pension arrangements of the CEO and other members of the Leadership Team are decided by the BoD. Pension accumulation and retirement age of the CEO and other members of the Leadership Team are determined by the terms of the Finnish Pension Act (TEL). Terms of notice for the CEO The period of notice for the CEO is six (6) months on CEO s and on the Company s side. Possible termination of CEO s contract does not include any other compensation. Variable Compensation and Performance Based Rewarding The variable compensation of the CEO and other members of the Leadership Team consists of short term incentives and long term incentive programs. The BoD decides on the terms and conditions, the earning criteria and the payment of the rewards from the plans. Short Term Performance Based Incentive Rewarding (STI) The target reward for the CEO is 50% of his annual base salary and 30% for the other members of the Leadership Team. The maximum reward for the CEO is 100% of his annual base salary. The maximum reward for other Leadership Team members is 60% of their annual base salary. 4 / 7
5 Long-term Performance Based Pay The purpose of F-Secure s long-term incentive programs is to support company s strategy by aligning the interests of the shareholders and the key employees in order to increase the value of the company and to commit the key employees to the company. Performance Based Share programs (Long-term Share Based Incentive Programs) F-Secure Corporation has two share based incentive programs for and in force for its key employees. Participants in the programs may earn shares of F-Secure Corporation based on achievements against performance criteria set for each earning period. The participants in share-based incentive programs are recommended hold at least 50% of the received shares and to cumulate the shares from the incentive programs until the value of the shares received from the share programs equals the annual gross base salary of the employee. Share Based Incentive Program The Share Based incentive program was established in April The total duration of the program is five years and it comprises of three annually (1st Jan 2014, 1 st Jan 2015 and 1 st Jan 2016) commencing earning periods each lasting three years. Program ends 31 st December The possible gross rewards from the programs are paid as 50% in shares and 50% in cash to cover taxes. The shares will be bought from the market and transferred to the participants entitled to payments. The maximum total reward of the entire program is shares. Share Based Incentive Program The Share Based incentive program was established in February The total duration of the program is five years and it comprises of three annually (1st Jan 2017, 1 st Jan 2018 and 1 st Jan 2019) commencing earning periods each lasting three years. Program ends 31 st December The possible gross rewards from the programs are paid as 50% in shares and 50% in cash to cover taxes. The shares will be bought from the market and transferred to the participants entitled to payments. The maximum total reward of the entire program is shares. 5 / 7
6 Restricted Share Based Incentive Program F-Secure Corporaton has a long-term Restricted Share Program for individually selected key employees. The program comprises of three annually (1st Jan 2017, 1 st Jan 2018 and 1 st Jan 2019) commencing earning periods. Participants in the programs may earn shares of F-Secure Corporation based on achievements against set performance criteria. Long-term Cash Program F-Secure Corporation has a cash-based incentive program for separately selected key employees. Long-term cash program replaces the syntehtic options program. The total duration of the program is five years and it comprises of three annually (1st Jan 2017, 1 st Jan 2018 and 1 st Jan 2019) commencing earning periods each lasting three years. Program ends 31 st December Participants in the program may earn rewards paid in cash based on achievements against performance criteria set for each earning period. The maximum total reward of the earning period is EUR. Käteispalkkio-ohjelma Period Grant year Earning period ends Earning Period I 2017 December 2019 Earning Period II 2016 December 2020 Earning Period III 2019 December 2021 Synthetic Options Program F-Secure Corporation has two synthetic option-based incentive program in force for its key employees. The total duration of a Synthetic option based incentive program is five years. It comprises of three annually commencing earning periods each lasting for three years. The initial value of each synthetic option is the volume weighted average price of F-Secure share between October and December before the commencement of each earning period. The vesting price is the volume weighted average price in the period from September to November at the end of the earning period. Metrics for each earnings period is the F-Secure share price development. The program entitles participants a possibility to receive a cash reward which is based on the share price development of F-Secure share during the earning period. Synthetic options will not be granted for earning period The Program is replaced by a long-term cash program from 1st January 2017 (above). Synthetic option-based incentive program Period Grant year Initial value Earning period ends Earning period I December 2017 Earning period II December / 7
7 Rewarding of the CEO and the Leadership Team in 2016 In 2016 Total remuneration of CEO and other Members of the Leadership Team was euros. Leadership Team compensation in 2016 Position Fixed payments Benefits Bonuses and incentives Share-based rewards Total CEO and President, Fredrikson Karl-Christian (until 31st July 2016 CEO and President Konttinen Samu (from 1st August 2016) Other Leadership Team* Total * Samu Konttinen s compensation until 31 st July 2016 is included in the Other Leadership Team figures Board Compensation in 2016 Position Reward paid in Cash Reward paid as shares Total Members of the Board of Directors Current shareholdings of the CEO and other members of the Leadership Team According to the Market Abuse Regulation (MAR) stock exchange releases are published of all share transactions of the CEO, CFO and other members of the Leadership Team, as well as of all rewards paid to them as shares. Stock exchange releases are available on the Company web-pages. The total amounts of company shares held by the top management listed above is published in the Annual Report: 7 / 7
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