Exel Composites continues the long-term incentive program for top management
EXEL COMPOSITES PLC STOCK EXCHANGE RELEASE 22 MARCH 2018 at 13:50 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 2018 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 targets applied to the plan commencing at the beginning of 2018 are adjusted operating profit (EBIT) and the absolute total shareholder return of the company’s share (TSR). The potential share rewards payable will be paid in the spring 2021, 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 15 persons belonging to the company’s top management as eligible to participate in the 2018 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 2018 plan are fully achieved, the aggregate maximum number of shares to be paid under this individual plan is 122,000 shares. The aggregate value of the 2018 plan, estimated based on the average share price of the last trading day preceding the date hereof, is approximately EUR 0.8 million.
Vantaa, 22 March 2018
Exel Composites Plc
Riku Kytömäki, President and CEO
For further information, please contact:
Riku Kytömäki, President and CEO
tel. +358 50 511 8288
riku.kytomaki@exelcomposites.com
Mikko Kettunen, CFO
tel. +358 50 347 7462
mikko.kettunen@exelcomposites.com
Distribution
Nasdaq Helsinki Ltd
Main news media
www.exelcomposites.com
Exel Composites in brief
Exel Composites (www.exelcomposites.com) is a leading composite technology company that designs, manufactures and markets composite products and solutions for demanding applications. Exel Composites provides superior customer experience through continuous innovation, world-class operations and long-term partnerships.
The core of the operations is based on own, internally developed composite technology, product range based on it and strong market position in selected segments with a strong quality and brand image. Profitable growth is pursued by a relentless search for new applications and development in co-operation with customers. The employees' expertise and high level of technology play a major role in Exel Composites’ operations. Exel Composites Plc share is listed in Nasdaq Helsinki Ltd.