The Board of Directors of Suominen Corporation resolved on a new share-based Long-Term Incentive Plan for management and key employees
February 03 2022 - 2:15AM
The Board of Directors of Suominen Corporation resolved on a new
share-based Long-Term Incentive Plan for management and key
employees
Suominen Corporation's stock exchange release on February 3,
2022 at 9:15 a.m. EET
The Board of Directors of Suominen Corporation has resolved on
February 2, 2022 on a new share-based Long-Term Incentive Plan for
the management and key employees. The aim of the new plan is to
combine the objectives of the shareholders and the persons
participating in the plan in order to increase the value of the
Company in the long-term, to bind the participants to the Company,
and to offer them competitive reward plans based on earning and
accumulating the Company’s shares.
Performance Share Plan
2022–2024
The new long-term Performance Share Plan has one three-year
Performance Period, which includes calendar years 2022–2024. The
Performance Share Plan is directed to approximately 25 people
including the President & CEO of Suominen.
The Board of Directors resolved that the potential reward for
the Performance Period 2022–2024 will be based on the Relative
Total Shareholder Return (TSR). The maximum total amount of
potential share rewards to be paid on the basis of the Performance
Period 2022–2024 is approximately 401 000 shares of Suominen
Corporation, representing the gross reward before the deduction of
taxes and tax-related costs arising from the reward.
The Board of Directors will be entitled to reduce the rewards
agreed in the Performance Share Plan if the limits set by the Board
of Directors for the share price are reached.
Reward payment and ownership obligation for the
management
If the targets of the Plan are reached, rewards will be paid to
participants in spring 2025 after the end of the Performance
Period. The potential rewards from the Performance Period 2022–2024
will be paid partly in the Company’s shares and partly in cash. The
cash proportion is intended to cover taxes and tax-related costs
arising from the reward to the participant. The Company also has
the right to pay the reward fully in cash under certain
circumstances. As a rule, no reward will be paid, if a
participant’s employment or service ends before the reward
payment.
A member of the Executive Team must hold 50 percent of the net
number of shares given on the basis of the Plan, as long as his or
her shareholding in total corresponds to the value of half of his
or her annual gross salary. The President & CEO of the Company
must hold 50 percent of the net number of shares given on the basis
of the Plan, as long as his or her shareholding in total
corresponds to the value of his or her annual gross salary. Such
number of shares must be held as long as the participant’s
employment or service in a group company continues.
Suominen CorporationThe Board of Directors
For additional information, please contactPetri Helsky,
President & CEO, tel. +358 10 214 3080
Suominen manufactures nonwovens as roll goods for wipes and
other applications. Our vision is to be the frontrunner for
nonwovens innovation and sustainability. The end products made of
Suominen’s nonwovens are present in people’s daily life worldwide.
Suominen’s net sales in 2020 were EUR 458.9 million and we have
over 700 professionals working in Europe and in the Americas.
Suominen’s shares are listed on Nasdaq Helsinki. Read more at
www.suominen.fi .Distribution:Nasdaq Helsinki Ltd.Key
mediawww.suominen.fi
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