OUTOTEC OYJ STOCK EXCHANGE RELEASE SEPTEMBER 4, 2013 at 10.35 AM
Outotec Board decided to continue Employee Share Savings Plan in 2014
Outotec's Board of Directors has decided to continue Outotec's Employee Share Savings Plan (announced on September 25, 2012) for the calendar year 2014. The Plan commenced on January 1, 2013, and approximately 34% of employees participated in it during the first saving period. The following saving periods are subject to a separate Board decision.
"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 to continue the Employee Share Savings Plan, which turned to be a success in its first year amongst our people and was awarded by Global Equity Organization", says Outotec CEO Pertti Korhonen. "I believe that it benefits all our stakeholders."
Outotec employees 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 one free share for each two acquired shares after a designated holding period of approximately three years. 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.
The Employee Share Savings Plan is offered for Outotec employees globally in countries where there are no local legal, taxation or administrative restraints. 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 2014 may not exceed EUR 6 million, which equals approximately 597,015 shares using the September 3, 2013 closing share price of 10.05 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 2014. 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 4 September 2013
The Board of Directors
For further information please contact:
Kirsi Nuotto, Senior Vice President, Human Resources
Tel. +358 400 491301
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