Aspocomp Group Plc
THE BOARD OF DIRECTORS OF ASPOCOMP GROUP PLC RESOLVED ON SHARE REWARD PLANS FOR KEY PERSONNEL
Espoo, Finland, 2012-06-05 08:00 CEST (GLOBE NEWSWIRE) —
Aspocomp Group Plc, Company Announcement 5 June 2012 at 9:00 a.m.
The board of directors of Aspocomp Group Plc has resolved upon new share-based incentive and commitment plans for the company’s key personnel. The aim of the reward plans is to combine the goals of the owners and the key personnel for increasing the value of the company on a permanent basis, to commit the key personnel to the company on a long-term basis and to offer the key personnel a competitive reward plan based on entrepreneurship.
1. Share reward plan for key personnel
The first share reward plan offers the CEO, the members of the management team and other key employees a possibility to receive the company’s shares based on achieved targets to be set by the board of directors for four earning periods being each 12 month financial year during the period 1/2012 through 12/2015.
The preliminary target group for the plan consists of approximately 20 persons. The board of directors may decide on including new key employees and their annual maximum rewards. The maximum reward is expressed as a number of shares. In addition, the reward consists of a cash payment, the amount of which is determined on the basis of the value of the share reward at the time of payment. The cash payment aims at covering taxes and similar charges arising from the reward. Achievement of targets set for the earning periods determines the portion of the maximum reward to be paid to a person.
The approximately 20 persons that are preliminarily included in the plan may, based on achieved targets, annually be rewarded with a maximum of 65,000 shares of Aspocomp Group Plc, corresponding to approximately 1.0 percent of the current total amount of outstanding shares. Out of such amount, a maximum of 10,000 shares may annually be granted to the company’s CEO and a maximum of 5,000 to each of the members of the management team. Should the board of directors decide to include new persons in the plan, the annual maximum amount of shares to be granted will increase.
Shares received on the basis of the share reward plan shall be held at least 36 months calculated from their entry on the book-entry account of the recipient. Should a target person’s employment or service relationship with a group company end during such commitment period, he or she is, according to the main rule, required to return the shares to the company without compensation.
2. Share ownership plan for the CEO and members of the management team
The second share reward plan offers the CEO and members of the management team a possibility to receive the company’s shares on the condition that they simultaneously themselves acquire shares of the company. The share reward is non-recurring.
Receipt of the share reward is conditional upon the person acquiring shares of the company at the latest on 31 August 2012. The CEO may acquire a maximum of 24,000 and the management team members a maximum of 8,000 shares that entitle to the share reward. Each such acquired share entitles the person to receive two (2) shares of the company without compensation. The persons included in the plan may thus, based on the plan, be rewarded with a maximum of 96,000 shares of Aspocomp Group Plc., corresponding to approximately 1.5 percent of the current total amount of outstanding shares.
Shares received on the basis of the share ownership plan shall be held at least 36 months calculated from their entry on the book-entry account of the recipient. Should the employment or service relationship of a person with a group company end during such commitment period, he is, according to the main rule, required to return the shares to the company without compensation.
In Espoo, 5 June 2012
ASPOCOMP GROUP PLC
For further information please contact Sami Holopainen, CEO, tel. +358 20 775 6860, sami.holopainen(at)aspocomp.com.
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