Spinnova Plc's Board Of Directors decided on a new commitment programme for the CEO
SPINNOVA PLC COMPANY RELEASE 29 DECEMBER 2022 AT 4.00 P.M. EET
SPINNOVA PLC'S BOARD OF DIRECTORS DECIDED ON A NEW COMMITMENT PROGRAMME FOR THE CEO
The Board of Directors of Spinnova Plc has decided to establish a new share-based long-term commitment programme for the company's CEO.
The objective of the commitment programme is to align the objectives of the CEO and shareholders in order to increase the company's value in the long term as well as to commit the CEO to work for the company and own the company's shares.
The long-term commitment programme for the CEO is a one-time programme covering the financial years 2023–2026. In the programme, the CEO has the opportunity to earn Spinnova shares as a reward based on their employment with the Company and personal share ownership in such a way that for each share acquired by the CEO and allocated to the commitment programme, the CEO can earn as a reward two matching shares free of charge.
The potential reward of the commitment programme will be paid after the end of the performance period, no later than April 2027. In general, the reward will be paid partly in Spinnova Plc shares and partly in cash. The cash proportion of the reward is intended for covering taxes and statutory social security contributions arising from the reward to the participant. In general, no reward is paid if the CEO's employment or director contract terminates before the reward payment. The maximum reward to be paid on the basis of the commitment programme corresponds to the value of approximate maximum total of 33 388 Spinnova Plc shares, including the cash proportion.
Spinnova Plc
For further information, please contact:
Janne Poranen
Chair of Board of Directors
Tel. +358 20 703 2430
Certified advisor:
Aktia Alexander Corporate Finance Oy
Tel. +358 50 520 4098
Distribution:
Nasdaq Helsinki
Major media
Spinnova – Sustainable textile materials, naturally
Spinnova transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough patented technology for making textile fibre out of wood or waste, such as leather, textile or agricultural waste, without harmful chemicals.
The SPINNOVA® fibre creates zero waste and side streams or microplastics, and its CO2 emissions and water use are minimal.
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Spinnova has received awards from e.g. the Fast Company, ISPO, Scandinavian Outdoor, ANDAM, Monocle and Marie Claire UK.
Spinnova's shares (SPINN) are listed on the Nasdaq First North Growth Market Finland.
SPINNOVA® home: www.spinnova.com
Corporate & IR site: www.spinnovagroup.com