Spinnova Plc: Spinnova’s Board of Directors decide on a new stock option program 2022

SPINNOVA PLC, COMPANY RELEASE, 31 May 2022 at 3:30 p.m. EEST

Spinnova Plc: Spinnova's Board of Directors decide on a new stock option program 2022

Spinnova Plc's Board of Directors has decided to launch a new stock option program 2022 for the company's key personnel. The Board will make separate decisions on the allocation of the stock options to key employees of the company. The purpose is to align the goals of the company's shareholders and key personnel to increase the company's value in the long term and to commit key personnel to the company and offer them a competitive remuneration system.

A total of 2,500,000 stock options can be issued under the stock option program and they are issued free of charge. The stock options entitle the holders to subscribe for a maximum of 2,500,000 new or treasury shares in the company, corresponding to a maximum of approximately 4.9 percent of all the company's shares and votes after a possible share subscription if the subscriptions consist solely of new shares.

The subscription price for the shares to be subscribed for under the stock options program is the thirty-day volume-weighted average price of the share during the review period, which may end two to seven days before the stock option issue date. The subscription price is realised in the company's invested unrestricted equity fund.

Options can be issued by a separate decision of the company's Board of Directors in a maximum of four batches in total.

The subscription period for the shares to be subscribed for on the basis of the stock options starts from the issuance of the stock options and ends on 31 December 2030. Share subscriptions based on options are conditional on vesting conditions, which are partly time-based and partly related to the development of the Spinnova share value.

Each 2022 Stock Option entitles its holder to subscribe for one new share. The 2022 stock options consist of two types: A options and B options. 2022 A stock options vest over a period of 4 years, with the first 25% vesting on the first anniversary of the issuance of the options and the remaining 75% vesting will vest in six equal instalments every six months following the following the first anniversary of the issuance date.

2022 B stock options vest based on the company’s share price exceeding certain thresholds.

The share subscription price for the first batch of issued 2022 stock options is EUR 7.7097 / share and the vesting valuation triggers for 2022 B stock options is 20% vesting trigger EUR 10.79, 25% vesting trigger EUR 14.65, 25% vesting trigger EUR 20.05 and 30% vesting trigger EUR 28.54.

The Board of Directors decided on the stock option program based on the authorization given by the company's Annual General Meeting on May 10, 2021. There are compelling financial grounds for the company to issue stock options, as the stock options are intended as part of the Group's employee incentive and commitment scheme.

The key terms of the stock option plan 2022 are available on the company's website www.spinnovagroup.com/remuneration.


Spinnova Plc


For further information, please contact:
Janne Poranen, CEO
Tel. +358 400 138711

Certified advisor:
Aktia Alexander Corporate Finance Oy
Tel. +358 50 520 4098

Nasdaq Helsinki
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SPINNOVA – Sustainable textile materials, naturally

Spinnova transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough technology for making textile fibre out of wood or waste, such as leather, textile or agricultural waste, without harmful chemicals.

The patented SPINNOVA® fibre creates zero waste and 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 Helsinki First North Growth Market.

SPINNOVA® home: www.spinnova.com
Corporate & IR site: www.spinnovagroup.com