Spinnova Plc’s Board of Directors resolved on a new share-based incentive programme for key individuals
SPINNOVA PLC, COMPANY RELEASE 26 April 2024 AT 11.30 a.m. EEST
Spinnova Plc’s Board of Directors resolved on a new share-based incentive programme for key individuals
The Board of Directors of Spinnova Plc has resolved to establish a new Performance Share Plan 2024–2028 (Plan) for key individuals of the group. The objective of the Plan is to align the objectives of the key individuals and the shareholders for increasing the Company’s value in the long term, to retain the key individuals at the Company and to offer them a competitive share-based incentive scheme.
The Plan consists of three performance periods, covering the financial years 2024–2026, 2025–2027 and 2026–2028, where the participants have an opportunity to earn Spinnova shares as a reward for achieving performance targets. The Board will decide annually on the commencement and details of a performance period. The achievement of the performance targets set by the Board of Directors will determine the proportion out of the maximum reward that will be paid to a participant.
The potential rewards of the Plan 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. The rewards will be paid within five months after the end of the performance period. As a rule, no reward will be paid if the participant’s employment or service ends before the reward payment.
The CEO and members of the Management Team must hold thirty (30) per cent of the rewarded shares until the value of their personal share ownership in the Company corresponds to fifty (50) per cent of the value of their gross salary for the calendar year preceding the payment of the Reward.
The performance criteria of the first performance period 2024–2026 are based on the Company’s Earnings Before Interests and Taxes (EBIT) during financial year 2026 and technology sales volume by the end of 2026.
The target group for performance period 2024–2026 consists of approximately 22 persons, including the CEO and the members of the Management Team. The value of the rewards that may be paid for the first performance period corresponds to a maximum of approximately 992 000 Spinnova Plc shares in total, including the cash portion.
Spinnova Plc
Board of Directors
For further information, please contact:
Virva Vesanen
Head of Investor Relations
Tel. +358 20 703 2430
[email protected]
Certified advisor:
Aktia Alexander Corporate Finance Oy
Tel. +358 50 520 4098
Distribution:
Nasdaq Helsinki
Major media
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Corporate & IR site: www.spinnovagroup.com