THE BOARD OF DIRECTORS OF GLASTON CORPORATION RESOLVED ON CONTINUING INCENTIVE PLAN FOR KEY EMPLOYEES
GLASTON CORPORATION STOCK EXCHANGE RELEASE 11 February 2020 at 13.15
The Board of Directors of Glaston Corporation has resolved to continue its share-based incentive plan for the Group key employees. The aim of the incentive plan is to align the objectives of the shareholders and the key employees in order to increase the value of the company in the long-term, to retain the key employees at the company and to offer them a competitive incentive plan that is based on earning and accumulating the company’s shares.
The Performance Share Plan 2019–2023 comprises three performance periods, calendar years 2019–2021, 2020–2022 and 2021–2023. The Board of Directors resolves on the plan’s performance criteria and on the performance levels at the beginning of each performance period. The key employees will receive the company’s shares as a reward, if the performance levels of the performance criteria, set by the Board of Directors, are achieved. As a rule, no reward will be paid, if a key employee’s employment or service terminates before the reward payment.
The CEO and each member of the Executive Management Group of the Company must hold 50% of the net number of shares he or she has received on the basis of the plan, until the number of the company’s shares he or she holds corresponds to the value of his or her gross annual base salary. Such number of shares must be held as long as such person’s employment or service in a company belonging to the Group Company continues.
Performance Period 2020—2022
The potential reward of the performance period 2020–2022 will be based on the Glaston Group’s comparable EBITA*) and average gearing during a period of 1 January 20209—31 December 2022. If the performance levels of the performance criteria for the performance period 2019–2021 are achieved in full, the payable rewards correspond to a maximum total of 500 000 Glaston Corporation shares, including also the proportion to be paid in cash.
The potential reward from the performance period 2020–2022 will be paid in 2023 in a manner resolved by the Board of Directors, either partly in the company’s shares and partly in cash, in which case the cash proportion is intended to cover taxes and tax-related costs arising from the reward to the key employee, or fully in cash.
The reward to be paid on the basis of the plan may be reduced, if the reward cap set by the Board of Directors is reached.
Approximately 17 employees, including the CEO and members of the Executive Management Group, belong to the target group of the plan in the performance period 2019–2021.
*) Comparable EBITA: operating result before amortization, impairment of intangible assets and purchase price allocation excluding items affecting comparability
Glaston Corporation
The Board of Directors
Further information:
Taina Tirkkonen, General Counsel and SVP, Human Resources, tel. +358 10 500 6934
Glaston Corporation
Glaston is the glass processing industry’s innovative technology leader supplying equipment, services and solutions to the architectural, automotive, solar and appliance industries. The company also supports the development of emerging technologies integrating intelligence to glass.
As of April 2019, Bystronic glass is part of Glaston Group. Together we are committed to providing our clients with both the best know-how and the latest technologies in glass processing, with the purpose of building a better tomorrow through safer, smarter, and more energy efficient glass solutions. We operate globally with manufacturing, services and sales offices in 12 countries. Glaston’s shares (GLA1V) are listed on NASDAQ Helsinki Ltd.
Distribution: Nasdaq Helsinki Ltd, key media, www.glaston.net.