Turku, Finland, 2017-02-09 08:30 CET (GLOBE NEWSWIRE) --
TELESTE CORPORATION STOCK EXCHANGE RELEASE 9.2.2017 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.
The Board of Directors has now approved the commencement of a new three-year plan within the LTI 2015 structure, covering the years 2017-2019.
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 58,300 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 233,200 shares (gross before the deduction of the applicable taxes).
The performance measure applied in the plan commencing in 2017 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 40 key employees as eligible for participating in the third three-year plan of LTI 2015.
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.
Teleste offers an integrated product and service portfolio that makes it possible to build and run a better networked society. Our solutions bring television and broadband services to your home, secure your safety in public places and guide your use of public transport. With solid industry experience and drive for innovations, we are a leading international company in broadband, security and information technologies and related services. We connect with our customers through a global network of offices and partners. In 2016, Teleste’s net sales reached EUR 260 million and the company employed over 1500 people. Teleste is listed on Nasdaq Helsinki.
Chairman of the Board of Directors
President and CEO
Timo Miettinen, phone +358 400 713 027
Jukka Rinnevaara, phone +358 2 2605 611 or +358 400 747 488