Glaston Corporation has approved a new share based incentive plan for group key employees, which will combine the objectives of shareholders and key employees in order to increase the value of the company.
The aim of the new plan is to combine the objectives of shareholders and key employees in order to increase the value of the company, to commit the key employees to the company, and to offer them a competitive reward plan based on long-term shareholding in the company.
The new plan includes a single performance period, beginning on 15 March 2013 and ending on 15 March 2014. The company is currently planning a share issue directed to the public. The prerequisite for participation in the plan and for reward payment on the basis of the performance period is that a key employee subscribes the company’s shares in this share issue. Rewards from the plan will be paid in the company’s shares in April 2014 providing that the key employee’s employment or service with the group company is in force and that he or she still owns the shares subscribed in the share issue. If the prerequisites for the reward payment are fulfilled, a key employee shall receive one matching share (gross) for every three shares subscribed in the share issue. The main principle is that no reward will be paid, if the key employee’s employment or service ends before reward payment.
The plan is directed to approximately 28 people.