Exel Composites continues the long-term incentive program for top management
EXEL COMPOSITES PLC STOCK EXCHANGE RELEASE 15 FEBRUARY 2019 08:45 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 2019 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 2019 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 2022, 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 20 persons belonging to the company’s top management as eligible to participate in the 2019 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 2019 plan are fully achieved, the aggregate maximum number of shares to be paid under this individual plan is 196,000 shares. The aggregate value of the 2019 plan, estimated based on the average share price of the last trading day preceding the date hereof, is approximately EUR 0.8 million.
Vantaa, 15 February 2019
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 is the world’s leading composite technology company that engineers and manufactures composite products and solutions to an extensive range of demanding industrial applications.
The core of the business is based on the employees’ high level of expertise and own, internally developed composite technologies, which have been perfected over decades with a steady focus on innovation. With nine manufacturing plants across Europe, Asia, and North America, and a global sales network, Exel Composites is firmly driven by superior customer experience and world-class operations.
Headquartered in Finland, Exel Composites employs approximately 650 people globally. The company’s shares are listed on the Nasdaq Helsinki exchange.