VAASA, Finland, Feb. 19, 2008 (PRIME NEWSWIRE) -- The Board of Directors of Vacon Plc has approved a new share-based incentive plan for the Vacon Group key personnel.
The Plan includes three earning periods which are calendar years 2008, 2009 and 2010. The potential reward from the Plan for the earning period 2008 will be based on the development of the turnover and the operating profit and on the capital turnover rate of the Vacon Group.
The potential reward from the earning period 2008 will be paid partly as the Company's shares and partly in cash in 2009. The proportion to be paid in cash will cover taxes and tax-related costs arising from the reward. It is prohibited to transfer the shares within a two year restriction period. If a key person's employment or service is given notice or is terminated during the restriction period, he/she must gratuitously return the shares paid as reward to the Company. If shares are given as reward on the basis of the Plan, a member of the Management Team must hold 50% of the shares given as reward on the basis of the Plan, as long as the shareholding corresponds to the value of his/her gross annual salary. This number of shares must be held until the end of the employment or service.
The Plan is directed at the moment to 30 people. The rewards to be paid on the basis of the Plan will correspond to the value of a maximum total of 270,000 Vacon Plc shares (including also the proportion to be paid in cash).
Vaasa, 19 February 2008
Vacon Plc
Vesa Laisi, President and CEO