Helsinki, 2014-05-26 13:00 CEST (GLOBE NEWSWIRE) --
CAVERION CORPORATION STOCK EXCHANGE RELEASE MAY 26, 2014 AT 14:00 EEST
Caverion's Board of Directors approved a Performance share plan 2014−2016
Caverion's Board of Directors has approved a long-term share-based incentive plan 2014−2016 for the company’s key senior executives. In total, the plan will cover approximately 40 persons.
The performance share plan will form a part of the incentive and commitment programme for the executives of Caverion Group. The key aim is to align the interests of the shareholders and the executives in order to promote shareholder value creation and to support Caverion in becoming a leading European provider of advanced and sustainable lifecycle solutions for buildings and industries. In addition, the aim is to commit the key executives to the company and its strategic targets and to offer them a competitive reward plan based on the ownership of the company’s shares.
The plan consists of one three-year performance period in 2014−2016. It is followed by a one-year vesting period, after which the potential rewards will be paid in spring 2018. A person participating in the plan has the possibility to earn a reward only if his/her employment continues until the payment of the reward. After the shares have been allocated, they will be freely transferrable.
The potential reward is based on the targets set for Group revenue and EBITDA margin until the end of 2016. The reward is to be paid in Caverion shares and as cash payment, which is intended to cover the taxes and tax-related costs arising from the reward. If all targets will be reached, the share award will in total correspond to a maximum of 500,000 Caverion shares. Final allocations will be decided during the summer 2014. Under all circumstances, the Board has the right to amend terms and conditions of the plan in a reasonable manner.
For additional information, please contact:
Milena Hæggström, Head of Investor Relations, tel. +358 40 5581 328, milena.haeggstrom@caverion.fi
Merja Eskola, Senior Vice President, Human Resources, tel. +358 40 744 0990, merja.eskola@caverion.fi.
CAVERION CORPORATION
Distribution: NASDAQ OMX, principal media, www.caverion.com
Caverion designs, builds, operates and maintains user-friendly and energy-efficient technical solutions for buildings and industries. Our services are used in offices, retail properties, housing, public premises, industrial plants and infrastructure, among other places. We aim to be a leading European provider of advanced and sustainable life cycle solutions. Our strengths include technological competence and comprehensive services, covering all technical disciplines throughout the life cycle of the property and industrial plant. Caverion was established through the demerger of Building Services and Industrial Services businesses from YIT Group in June 2013. Our revenue for 2013 amounted to approximately EUR 2.5 billion. Caverion has nearly 18,000 employees in 13 countries in Northern and Central Europe. Caverion’s shares are listed on NASDAQ OMX Helsinki. www.caverion.com .
