Vacon Plc has resolved on a new incentive plan
(Thomson Reuters ONE) -
Vacon Plc, Stock Exchange Release, 30 October 2014 at 10.00 a.m. (EET)
Pursuant to an authorization by the Board of Directors of Vacon Plc, the Human
Resources Committee of the Board of Vacon Plc has approved Vacon Plc's new
incentive plan. The target group of the new incentive plan consists of the
participants in Vacon Group's Performance Share Plan 2014-2016 and it is
alternative to the Performance Share Plan 2014-2016.
The new incentive plan shall be established to form part of the incentive and
commitment program within Vacon Plc and its subsidiaries. The aim is to combine
the objectives of the shareholders and the persons participating in the plan in
order to increase the value of the Company, to commit such persons to the
Company, and to offer them a competitive reward plan. The new incentive plan is
conditional on the completion of the voluntary public tender offer ("Tender
Offer") for all outstanding shares of the company by Oy Danfoss Ab announced by
Danfoss A/S on 12 September 2014.
Under the new incentive plan, those participants who accept the terms and
conditions of the new incentive plan will be entitled to receive a defined cash
payout for 2014 and they simultaneously forfeit their rewards under Vacon
Group's Performance Share Plan 2014-2016. The payment of the cash reward under
the new incentive plan will be made on 31 August 2015. The payment of the cash
reward is also conditional on certain terms and conditions relating to the
employment or service relationship of the participant remaining in force. The
target group of the new incentive plan consists of the participants in Vacon
Group's Performance Share Plan 2014-2016 totalling to 81 persons.
The rewards to be paid on the basis of the new incentive plan correspond to the
value of a maximum total of 123,280 Vacon Plc shares (gross). The value of the
shares and the corresponding reward to be paid on 31 August 2015 shall be
determined on the basis of the share price offered in the Tender Offer.
The background and main principles of the new incentive plan are described in
more detail in Oy Danfoss Ab's Tender Offer Document dated 25 September 2014
which is available at the address www.vacon.com.
VACON PLC
Further information:
* Sebastian Linko, Director, Corporate Communications and Investor Relations,
+358 (0)40 8371 634, sebastian.linko(at)vacon.com
Vacon in brief
Vacon is driven by a passion to develop, manufacture and sell the best AC drives
and inverters in the world - and provide customers with efficient product
lifecycle services. Our AC drives offer optimum process control and energy
efficiency for electric motors. Vacon inverters play a key role when energy is
produced from renewable sources. Vacon has production and R&D facilities in
Europe, Asia and North America, and sales offices in 31 countries. Further,
Vacon has sales representatives and service partners in nearly 90 countries. In
2013, Vacon's revenues amounted to EUR 403.0 million, and the company employed
globally approximately 1,600 people. The shares of Vacon Plc (VAC1V) are quoted
on the main list of the Helsinki stock exchange (NASDAQ OMX Helsinki).
Driven by Drives, www.vacon.com
Distribution:
NASDAQ OMX Helsinki
Financial Supervisory Authority
Main media
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Source: Vacon Oyj via GlobeNewswire
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Unternehmensinformation / Kurzprofil:
Datum: 30.10.2014 - 09:01 Uhr
Sprache: Deutsch
News-ID 348241
Anzahl Zeichen: 4198
contact information:
Town:
Vaasa
Kategorie:
Business News
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