Assignment of Vacon's own shares under Vacon Plc's Share Ownership Plan for the 2013 earning period
Vacon Plc, Stock Exchange Release, 14 February 2014 at 1.45 p.m. (EET)
The Board of Directors of Vacon has confirmed that the bonus for 2013 within the
framework of the Share Ownership Plan is 32.6% of the maximum amount. The Board
decided to assign the total of 24,088 shares in Vacon Plc held by the Company
without consideration to the bonus recipients as the share portion of the total
bonus. The bonus for the 2013 earning period is based on the Vacon Group's
revenues, operating profit and rate of working capital turnover, and it will be
paid in 2014, partly in company shares and partly in cash. The bonus recipients
include 74 persons in corporate management and other personnel. The handover
date for the shares is 28 March 2014. After handing over these shares, the
Company holds 27,749 own shares.
The Share Ownership Plan included three earning periods, calendar years
2011, 2012 and 2013. The Board of Directors of the Company has decided 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 shares paid on the basis of
earning periods may not be transferred during the restriction period, which will
end after two years from the expiry of each earning period. Should an employment
or a service of a person within the target group end during the restriction
period, he or she must, without consideration, return to the Company the shares
given as reward. The members of the Executive Management Team must hold a half
of the shares received on the basis of the 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.
VACON PLC
Further information:
* Vesa Laisi, President and CEO, phone +358 (0)40 8371 510,
vesa.laisi(at)vacon.com
* 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 30 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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originality of the information contained therein.
Source: Vacon Oyj via GlobeNewswire
[HUG#1762123]
