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
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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