Metso Corporation's company release on October 29, 2009 at 12:30 p.m.
The Board of Directors of Metso Corporation approved today a new, share-based incentive plan for the Metso Group management (Metso Share Ownership Plan 2010-2012). The Plan is continuation of the 2008 approved program targeting to align the goals of the company's shareholders and key executives in the Group in order to enhance the value of the company. It also aims to ensure the commitment of key management and to offer them a competitive, ownership-based reward scheme.
The plan includes one three-year earning period, which will begin on January 1, 2010 and will end on December 31, 2012. The Plan is targeted to approximately 100 key managers, including members of the Metso Executive Forum.
Participation in the new Plan and receipt of the potential reward requires that the individual invests in Metso shares at the beginning of the earning period. The potential reward from the plan is based on Metso's Total Shareholder Return (TSR) and on the Earnings per Share (EPS) of the Metso Group. The maximum share reward is capped to each individual's annual salary multiplied by one-and-a-half (x 1.5).
The amount earned in rewards will be determined on the basis of the achievement of targets after the financial statements have been prepared in the spring of 2013. Any rewards will be paid to those covered by the scheme in the first half of 2013. The reward will be paid in Metso shares. Any shares earned through the incentive plan must be held for a minimum of one year after the date of the reward payment.
The rewards to be paid on the basis of the plan will correspond to a maximum total of approximately 400,000 Metso Corporation shares. Final allocations and maximum total number of shares will be decided in December 2009. The shares to be transferred in possible rewards are Metso shares obtained in public trading, and therefore the incentive plan will have no diluting effect on the share value.
Metso is a global supplier of sustainable technology and services for mining, construction, power generation, automation, recycling and the pulp and paper industries. We have about 28,000 employees in more than 50 countries. www.metso.com
Further information for the press, please contact:
Merja Kamppari, Senior Vice President, Human Resource Management, Metso Corporation, tel. +358 204 84 3003
Further information for investors, please contact:
Johanna Henttonen, Vice President, Investor Relations, Metso Corporation, tel. +358 20 484 3253
Metso Corporation
Olli Vaartimo
Executive Vice President and CFO
Executive Vice President and CFO
Kati Renvall
Vice President, Group Communications
Vice President, Group Communications
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www.metso.com
www.metso.com