Spinnova Plc's Board of Directors resolved on a new share-based commitment programme to encourage the Management Team to increase their share ownership

SPINNOVA PLC, COMPANY RELEASE 20 MARCH 2024 AT 11.30 a.m. EET

 

Spinnova Plc's Board of Directors resolved on a new share-based commitment programme to encourage the Management Team to increase their share ownership

The Board of Directors of Spinnova Plc has resolved to establish a new Matching Share Plan for the company's CEO and members of the Management Team.

The purpose of the Matching Share Plan is to align the objectives of the participants and shareholders for increasing the company's value in the long term, commit the participants to work for the company as well as to encourage them to acquire and own the company's shares.

The Matching Share Plan has a one-time matching period covering the financial years 2024 and 2025, where the participants have an opportunity to earn Spinnova shares as a reward. The participant can earn one matching share for each share committed to the plan based on their continuous employment with the company and personal share ownership.

As a rule, no reward is paid if the participant’s employment or service terminates before the reward payment. The value of the rewards that may be paid for the Matching Share Plan depends on the number of shares committed to the plan. The reward value corresponds to a maximum of approximately 210 000 Spinnova Plc shares in total, including the cash portion, calculated on the basis of the current share price and assuming that the participants take up the maximum investment opportunity granted by the Board of Directors in the shares.

The potential reward of the commitment program will be paid after the end of the matching period, however no later than by the end of April 2026. The rewards 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.

 

Spinnova Plc

For further information, please contact:
Virva Vesanen

Head of Investor Relations

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 side streams or microplastics, and its CO2 emissions and water use are minimal. SPINNOVA® materials are quickly biodegradable and circular. Spinnova is committed to using only sustainable raw materials such as FSC certified wood and waste. SPINNOVA® fibre is produced without harmful or complex chemical processes, and has the touch and feel of natural fibres such as cotton and linen.

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