The board of directors of Vacon Plc resolved on incentive plan
(Thomson Reuters ONE) -
Vacon, 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
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originality of the information contained therein.
Source: Vacon Oyj via Thomson Reuters ONE
[HUG#1499273]
Unternehmensinformation / Kurzprofil:
Datum: 23.03.2011 - 09:00 Uhr
Sprache: Deutsch
News-ID 52701
Anzahl Zeichen: 4450
contact information:
Town:
Vaasa
Kategorie:
Business News
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"The board of directors of Vacon Plc resolved on incentive plan"
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