Turku, Finland, 2016-02-04 08:30 CET (GLOBE NEWSWIRE) --
TELESTE CORPORATION STOCK EXCHANGE RELEASE 4.2.2016 AT 09:30
TELESTE LAUNCHES A NEW SHARE-BASED INCENTIVE PLAN
The Board of Directors of Teleste Corporation in February 2015 approved the establishment of a new long-term share-based incentive program to be offered to key employees of Teleste (below LTI 2015). The company announced the establishment of the program on February 5, 2015.
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 2016 is 53,600 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 matching plan is 214,400 shares (gross before the deduction of the applicable taxes).
The performance measure applied in the plan commencing in 2016 is the total shareholder return (TSR) of Teleste share in the three-year performance period. A precondition for an individual key employees participation in the plan is the above mentioned investment in Teleste shares.
The Board of Directors has approved 42 key employees as eligible for participating in the second three-year plan of LTI 2015.
The Board of Directors anticipates that no new shares will be issued in connection with the new share-based incentive plan and, therefore, the plan will have no dilutive effect on the number of the company’s registered shares.
Teleste is an international technology company that develops and offers video and broadband technologies and related services. Our supply of technology contributes to the convenience and safety of daily living. Our core business is video - video and data processing, transfer and management. Our customer base consists of cable and telecom operators, as well as public sector organizations. Our business is divided into two divisions, which are Video and Broadband Solutions and Network Services. In both areas, we rank among the world's leading companies and technological forerunners. Video and Broadband Solutions focuses on access networks and video security and information solutions. Network Services offers comprehensive services for access network design, construction and maintenance. In 2015, Teleste's net sales totaled EUR 248 million, and the company employed about 1,500 people. Teleste runs a worldwide network of offices and more than 95% of its sales are generated outside Finland. The company is listed on the Nasdaq Helsinki. For more information see www.teleste.com
Chairman of the Board of Directors
President and CEO
Marjo Miettinen, phone +358 400 512771
Jukka Rinnevaara, phone +358 2 2605 611 or +358 400 747 488