TELESTE CORPORATION STOCK EXCHANGE RELEASE 13.2.2020 AT 08:45 EET
TELESTE LAUNCHES A NEW SHARE-BASED INCENTIVE PLAN
The Board of Directors of Teleste Corporation in February 2018 approved the establishment of a new long-term share-based incentive program to be offered to key employees of Teleste (below LTI 2018). The company announced the establishment of the program on February 8, 2018.
The Board of Directors has now approved the commencement of a new three-year plan within the LTI 2018 structure, covering the years 2020-2022.
Information about the new three-year plan
If all the eligible key employees participate in the plan by fulfilling the investment precondition, the maximum aggregate amount of matching shares that may be delivered based on the matching share plan commencing in 2020 is 26,625 shares (gross before the deduction of the applicable taxes and the remaining net amount is delivered to the participants as Teleste´s shares) and the maximum number of shares that may be delivered based on the performance share plan is 319,500 shares (gross before the deduction of the applicable taxes).
The performance measure applied in the plan commencing in 2020 is the total shareholder return (TSR) of Teleste share in the three-year performance period. A precondition for an individual key employee’s participation in the plan is the above-mentioned investment in Teleste shares.
The Board of Directors has approved 33 key employees as eligible for participating in this third three-year plan of LTI 2018.
The Board of Directors anticipates that no new shares will be issued in connection with the new plan and, therefore, the plan will have no dilutive effect on the number of the company’s registered shares.
Chairman of the Board of Directors
President and CEO
Pertti Ervi, phone +33 685839153
Jukka Rinnevaara, phone +358 2 2605 611