Detection Technology: A share-based long-term incentive scheme established

Detection Technology Plc company announcement 3 August 2022 at 9:00 (EEST)

Detection Technology: A share-based long-term incentive scheme established

The Board of Directors of Detection Technology Plc has decided on the establishment of a new share-based long-term incentive scheme for the company’s management group and other key employees. It comprises a Performance Share Plan (PSP).

The objectives of the Performance Share Plan are to align the interests of Detection Technology’s management and key employees with those of the company’s shareholders and, thus, to promote shareholder value creation in the long term. In addition, the aim is to commit the management and key employees to achieving Detection Technology’s strategic targets.

The Performance Share Plan consists of annually commencing individual performance share plans. The commencement of each new plan is subject to a separate decision of the company’s Board of Directors.

Each plan comprises a performance period followed by the payment of the potential share rewards in listed shares of Detection Technology. The payment of the rewards is conditional on the achievement of the performance targets set by the Board of Directors for the respective plan.

The performance period of the first plan, PSP 2022-2024, covers the period from the beginning of August 2022 until the end of the year 2024. The share rewards potentially payable thereunder will be paid during the first half of the year 2025. The possible subsequent plans will include a three-year performance period as in each case separately decided by the Board of Directors.

The performance measure based on which the potential share rewards under the PSP 2022-2024 program will be paid is the total shareholder return of Detection Technology’s share (absolute TSR). Eligible for participation in the PSP 2022-2024 program are approximately 60 individuals, including the members of Detection Technology’s management group.

If all the performance targets set for the PSP 2022-2024 program, are fully achieved, the aggregate maximum number of shares to be paid as a reward based on this plan is approximately 270,000 shares (referring to gross earnings before the withholding of the applicable payroll tax).

Other terms

The maximum value of the reward payable to the participants based on PSP is limited by a cap which is linked to Detection Technology’s share price development with a multiplier set by the Board of Directors.

If the individual’s employment with Detection Technology terminates before the payment of the reward, the individual is not, as a main rule, entitled to any reward based on the respective plan.

Detection Technology applies a share ownership recommendation to the members of the company’s management group. According to this recommendation each member of Detection Technology’s management group is expected to accumulate and once obtained, retain in his/her ownership at least half of the shares received under the share-based incentive plans of the company until the value of his/her share ownership in the company corresponds to at least his/her annual gross base salary.

The Board of Directors, Detection Technology Plc

Further information
Hannu Martola, President and CEO
+358 500 449 475, [email protected]

Nordea is the company’s Certified Advisor under the Nasdaq First North GM rules.

Detection Technology is a global provider of X-ray detector solutions for medical, security, and industrial applications. The company’s solutions range from sensor components to optimized detector subsystems with ASICs, electronics, mechanics, software, and algorithms. It has sites in Finland, China, France, and the US. The company’s shares are listed on Nasdaq First North Growth Market Finland under the ticker symbol DETEC.

Distribution: Nasdaq Helsinki, key media, www.deetee.com