Teleste share-based long-term incentive programs 2023
Teleste Corporation
Stock Exchange Release
February 9, 2023, at 9:30 a.m. EET
TELESTE SHARE-BASED LONG-TERM INCENTIVE PROGRAMS 2023
The Board of Directors of Teleste Corporation established a share-based incentive program in 2022 including three share-based incentive plans (LTI 2022 Program) for the key employees of Teleste. The key terms of the LTI Program were published by a stock exchange release on 10 February 2022.
The Board of Directors has approved approximately 33 key employees as eligible for participating in the LTI Program in 2023.
Matching Share Plan
The gross rewards to be paid on the basis of the matching period 2023–2025 correspond to the value of an approximate maximum total of 32,000 shares of Teleste Corporation. The current aggregate maximum value of the matching period 2023—2025, estimated based on the average share price of the last trading day preceding the date hereof and assuming that the eligible participants fulfil the investment requirement in full, is approximately 140,000 euros.
Performance Share Plan
During the performance period 2023–2025, the rewards are based on the Group’s cumulative adjusted EBIT for the financial years 2023–2025 and Total Shareholder Value (TSR) of the Teleste share for the financial years 2023–2025.
The gross rewards to be paid on the basis of the performance period 2023–2025 correspond to the value of an approximate maximum total of 373,000 shares of Teleste. In order to be eligible to participate in the performance period, a person must participate in the matching period 2023—2025 of the Matching Share Plan.
The current aggregate maximum value of the performance period 2023—2025, estimated based on the average share price of the last trading day preceding the date hereof and assuming that the eligible participants fulfil the investment requirement for the matching period 2023—2025 of the Matching Share Plan in full, is approximately 1,620,000 euros.
General
The potential rewards from the plans will be paid in spring 2026 partly in Teleste Corporation shares and partly in cash. The rewards to be paid on the basis of the plans will be capped if the limits set by the Board of Directors for the payable reward from the performance period and the matching period 2023—2025 are reached.
The Board of Directors anticipates that no new shares will be issued in connection with the LTI Program and, therefore, the LTI Program will have no dilutive effect on the number of the Teleste’s registered shares.
TELESTE CORPORATION
Further Information:
Tuomas Vanne, SVP HR, Tel. +358 2 2605 611
Distribution:
Nasdaq Helsinki Ltd
Main Media
www.teleste.com
About Teleste
Teleste offers an integrated product and service portfolio that makes it possible to build and run a better networked society. Our solutions bring television and broadband services to you, secure your safety in public places and guide your use of public transport. With solid industry experience and drive for innovations, we are a leading international company in broadband, security and information technologies and related services. We connect with our customers through a global network of offices and partners. In 2022, Teleste's net sales reached EUR 165 million and it had approximately 860 employees. Teleste is listed on Nasdaq Helsinki.