Basware' s share-based incentive plan for key personnel will continue until end of 2015
Basware Corporation, stock exchange release, February 15, 2013, at 07:00
Basware' s share-based incentive plan for key personnel will continue until end
Basware informed about a new share-based incentive plan for the Basware Group
key personnel for 2012-2014 on February 17, 2012. The company has been in the
transition from a software company to a service company. During the transition
process, meeting the profit targets has been slower than expected. Because of
this, the Board of Directors of Basware Corporation has updated the share-based
incentive plan for the key personnel to continue until the end of 2015.
The aim of the plan is to combine the objectives of the shareholders and the key
personnel in order to increase the value of the company, commit the key
personnel to the company, and offer them a competitive reward plan based on
shareholding in the company. Accordingly, the Board of Directors encourages the
Basware Executive Team members to hold shares in the company equaling the value
of annual gross base salary.
The system includes four earning periods, calendar years 2012, 2013, 2014, and
2015. The system comprises annual earning periods 2012, 2013, 2014, and 2015 and
fixed earning period 2013-2015. Members of Basware Executive Team may be
allocated additional shares without consideration against shareholding during
the earning period 2012-2015.
The Board of Directors decides on the earnings criteria and related targets
separately for each annual earning period at the beginning of the earning
period. The reward for the fixed earning period 2013-2015 is based on Basware
Corporation's earnings per share (EPS). The target group of the fixed earning
period 2013-2015 includes the members of the Basware Executive Team.
The terms of the incentive plan remain the same with the exception of adding one
earning period to the plan.
The shares to be allocated at the target level will continue to correspond at
the current share price to the approximate amount of 275.000 Basware Corporation
shares (including also the proportion to be paid in cash) and totalling 412.500
at the maximum. The possible shares to be allocated will consist of own shares
held by the company or acquired in public trading through NASDAQ OMX Helsinki
More information about the compensation of Basware's management is available on
the company's investor pages at http://www.basware.com/about-us/investors.
For more information, please contact:
Hannu Vaajoensuu, Chairman of the Board, Basware Corporation
Tel. +358 40 501 8250
NASDAQ OMX Helsinki Ltd
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Source: Basware via Thomson Reuters ONE