Automodular Announces Incentive Plan
Toronto, June 28, 2007:
Automodular Corporation ("Automodular") announces that it has adopted a
Performance Share Unit Plan for Designated Participants of Automodular Corporation
and its Subsidiaries (the "Plan"). In order to promote further alignment of the interests
of its senior executives and its shareholders, Automodular will contribute funds to a
trustee from time to time for the purchase of shares of Automodular in secondary
markets. If performance targets specified annually are met, designated senior
executives will become entitled to receive Automodular shares held in trust, subject to
the vesting requirements under the Plan.
Automodular is making an initial contribution of $500,000 to the Plan, in connection
with awards under the Plan that will vest on or about December 31, 2010 (subject to
earlier vesting in certain circumstances in accordance with the Plan).
A copy of the Plan is being filed on SEDAR.
Automodular is a supplier of sub-assembly, sequencing, transportation and logistics
services to six OEM plants in Ontario, Michigan and Ohio. Automodular has six
operating facilities and employs over 900 people.
For further information, contact:
Christopher Nutt
Vice President, Finance
Automodular Corporation
(416)861-0662 x 223
c.nutt@automodular.com
This press release contains forward-looking statements that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are market and general economic conditions and the risk factors detailed from time to time in the Company's periodic reports filed with the Canadian securities regulatory authorities and on SEDAR at www.sedar.com. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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