Exel Composites continues the long-term incentive program for top management
EXEL COMPOSITES PLC – – – STOCK EXCHANGE RELEASE – – – 17 FEBRUARY 2023 at 08:50 EET
The Board of Directors of Exel Composites Plc has decided on the continuation of the share-based long-term incentive program for the top management of Exel Composites. The 2023 performance-based plan is part of the share-based long-term incentive program published on 4 May 2017, which objectives are to align the interests of the management with those of the company’s shareholders and, thus, to promote shareholder value creation in the long term, to commit the management to achieving the strategic targets of the company and to retain the company’s key individuals.
The performance target applied to the plan commencing at the beginning of 2023 is the relative total shareholder return (TSR) of the Exel Composites’ share where the TSR of Exel’s share will be compared to the TSR of all shares listed on Nasdaq Helsinki. The potential share rewards payable will be paid in the spring 2026, provided that the performance targets are achieved and the continuous employment condition is met. The potential rewards will be paid in listed shares of Exel Composites.
The Board of Directors has approved approximately 20 persons belonging to the company’s top management as eligible to participate in the 2023 plan. The Board of Directors may nominate additional participants to this plan within the maximum limits of the plan set out below.
If the performance targets set for the 2023 plan are fully achieved, the aggregate maximum number of shares to be paid under this individual plan is 140,000 shares. The aggregate value of the 2023 plan, estimated based on the average share price of 16 February 2023, is approximately EUR 0.8 million.
For further information, please contact:
Mikko Rummukainen, CFO
tel. +358 40 566 2623
Exel Composites in brief
At Exel Composites, we use over 60 years’ experience to solve challenges and help customers save resources. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications from wind power and transportation to building and infrastructure.
Our collaborative approach and global footprint set us apart from our competition. We use our expertise to help customers reduce weight, improve performance and energy efficiency and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs approximately 700 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit www.exelcomposites.com.
Exel Composites Plc