OUTOTEC OYJ STOCK EXCHANGE RELEASE SEPTEMBER 25, 2012 at 9.00 AM
Outotec Board decided on Employee Share Savings Plan
Outotec's Board of Directors decided to launch an Employee Share Savings Plan for Outotec employees globally. The purpose of the Plan is to encourage employees to buy Outotec shares, strengthen the tie between the company's shareholders and employees as well as reward employees for their long-term commitment to the company. The Employee Share Savings Plan will commence as of January 1, 2013 with the first saving period being one calendar year. The following saving periods are subject to a separate Board decision.
Outotec employees will have a possibility to save a proportion of their salary for purchasing Outotec shares. To encourage participation, Outotec offers each employee participating in the Plan in 2013 one free share for each acquired share after a designated holding period of approximately three years. For the potential following saving periods, the participant will receive one free share for each two acquired shares. Free shares are taxable income for the recipient and will be paid partly in Outotec's shares and partly in cash. The cash proportion is intended for covering taxes and tax-related payments.
"We recognize that competent and motivated people are essential to Outotec's success in growing the business and making sustainable profits. I am very pleased that our Board decided on the Employee Share Savings Plan", says Outotec CEO Pertti Korhonen. "I believe that it helps us to retain and attract our current and future employees and benefit all stakeholders."
The Employee Share Savings Plan will be offered in countries where there are no local legal, taxation or administrative restraints, to approximately 4,100 Outotec employees in 22 countries. The maximum monthly saving is five per cent and the minimum is two per cent of each participant's gross base salary during one month. The total amount of all savings in 2013 may not exceed EUR 7 million, which equals approximately 187,300 shares using the September 24, 2012 closing share price of 37.38 EUR.
Shares will be acquired with the accumulated savings at the market price quarterly, after the publication of Outotec's interim results, commencing from April 2013. Any dividends paid on purchased shares will be reinvested into additional shares on the following purchase date. These shares will have equal rights to free shares.
Participation in the Plan is voluntary to employees.
Espoo 25 September 2012
The Board of Directors
For further information please contact:
Pertti Korhonen, President and CEO
Tel. +358 20 529 211
NASDAQ OMX Helsinki