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2011-03-23 09:00:00 CET 2011-03-23 09:00:22 CET REGULATED INFORMATION Vacon - Changes in company's own sharesThe board of directors of Vacon Plc resolved on incentive planVacon, Stock Exchange Release, March 23, 2011 at 10.00 am The Board of Directors of Vacon Plc has resolved on a new share-based incentive plan for the Group's certain personnel. The aim of the new Plan is to combine the objectives of the shareholders and the personnel of the target group in order to increase the value of the Company, to commit the target group personnel to the Company, and to offer them a competitive reward plan based on long-term shareholding in the Company. The new Share Ownership Plan includes three earning periods, calendar years 2011, 2012 and 2013. The Board of Directors of the Company will decide on the target group, the Plan's earnings criteria and on targets to be established for them at the beginning of each earning period. The potential reward from the Plan for the earning period 2011 will be based on the Vacon Group's Revenues, Operating Profit and Rate of Capital Turnover, and it will be paid partly in the Company's shares and partly in cash in 2012. In addition, for the members of the Management Team, the Share Ownership Plan includes also a fourth, four-year earning period, calendar years 2011-2014, based on the Group's long-term strategy. The potential reward from the Plan for the earning period 2011-2014 will be based on the long-term strategic targets established for the Vacon Group's Revenues and Operating Profit , and it will be paid partly in the Company's shares and partly in cash in 2015. If the maximum targets established for the earnings criteria of earning period 2011-2014 are achieved earlier, the reward from earning period 2011-2014 may correspondingly be paid earlier. The aim is that the proportion to be paid in cash will cover taxes and tax-related costs arising from the reward to a person. The shares paid on the basis of earning periods 2011, 2012 and 2013 may not be transferred during the restriction period, which will end two years from the end of the earning period. Should a target group person's employment or service end during the restriction period, he or she must gratuitously return the shares given as reward to the Company.The members of the Management Team must hold a half of the shares received on the basis of the new incentive plan as long as the value of his or her shareholding in total corresponds to the value of his or her gross annual salary. Such number of shares must be held as long as his or her employment or service in a Group company continues. The target group of the Share Ownership Plan consists of approximately 60 people. The net rewards to be paid on the basis of the Plan are a maximum total of 240,250 Vacon Plc shares. Vacon Plc Further information: * President and CEO, Vesa Laisi, Phone +358 (0)40 837 1510 Press contact: * Director, Corporate Communications, Sebastian Linko, Phone +358 40 837 1634 Vacon in brief: Vacon is driven by a passion to design, manufacture and sell only the best AC drives on the planet - and nothing else. AC drives can be used to control electric motors or to help generate power from renewable sources. Vacon has R&D and production units in Finland, the United States, China and Italy, and sales offices in 27 countries. In 2010, Vacon had revenues of EUR 338 million and globally employed 1,300 people. Vacon's shares (VAC1V) are listed and publicly traded on the Helsinki Stock Exchange. Driven by Drives, www.vacon.com DISTRIBUTION: NASDAQ OMX Helsinki Financial Supervisory Authority Main Media [HUG#1499273] |
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