Glaston Oyj Abp - Company Announcement

THE BOARD OF DIRECTORS OF GLASTON CORPORATION RESOLVED ON KEY PERSONNEL INCENTIVE PLAN

Helsinki, Finland, 2011-12-12 13:20 CET (GLOBE NEWSWIRE) -- Glaston Corporation
Stock Exchange Release   12.12.2011 at 14.20 (EET) 



THE BOARD OF DIRECTORS OF GLASTON CORPORATION RESOLVED ON KEY PERSONNEL
INCENTIVE PLAN 


The Board of Directors of Glaston Corporation has resolved on a new Performance
Share Plan for the Group key personnel (the Plan). The aim of the new Plan is
to combine the objectives of the shareholders and the key personnel in order to
increase the value of the company, to commit the key personnel to the company,
and to offer them a competitive reward plan based on long-term shareholding in
the company. 

The new Plan includes three performance periods, calendar years 2012, 2013 and
2014. Glaston'sBoard of Directors will decide on the Plan's performance
criteria and on targets to be established for the performance criteria at the
beginning of each performance period. The potential reward from the Plan for
the performance period 2012 will be based on the Glaston Group´s Operating
Profit and net result, and it will be paid partly in the Company's shares and
partly in cash in 2013. The aim is that the proportion to be paid in cash will
cover taxes and tax-related costs arising from the reward to a key person. No
reward will be paid, if a key person's employment or service ends before the
reward payment. The maximum amount of rewards to be paid to a key person has
been limited. 

The shares paid on the basis of performance periods may not be transferred
during the restriction periods, which will end approximately two years from the
reward payment. Should a key 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 Executive Management Group must hold a
half of the shares received on the basis of the new Plan until 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 Plan consists of approximately 25 people. The rewards
to be paid on the basis of the Plan covering three years correspond to the
maximum total of 4.8 million Glaston Corporation shares. 



Glaston Corporation
Arto Metsänen
President and CEO



For further information, please contact:
Tapio Engström, CFO,  phone +358 10 500 500



Glaston Corporation
Glaston Corporation is an international glass technology company and a pioneer
of glass processing technology. Its product range and service network are the
widest in the industry. Glaston's well-known brands are Bavelloni in
pre-processing machines and tools, Tamglass and Uniglass in safety glass
machines, and Albat+Wirsam in glass industry software.Glaston's share (GLA1V)
is listed on the NASDAQ OMX Helsinki Small Cap List. 


Distribution:
NASDAQ OMX Helsinki Ltd
Key Media
www.glaston.net

Attachments:

Glaston Incentive Plan.pdf