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Vacon Plc has resolved on a new incentive plan(Thomson Reuters ONE Via Acquire Media NewsEdge) 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 This announcement is distributed by GlobeNewswire on behalf of GlobeNewswire clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Vacon Oyj via GlobeNewswire [HUG#1867048] |