Exel Composites continues the share-based long-term incentive program for leadership
EXEL COMPOSITES PLC STOCK EXCHANGE RELEASE 25 APRIL 2024 at 08:59 EEST
The Board of Directors of Exel Composites Plc has decided on the continuation of the share-based long-term incentive program for the leadership of Exel Composites. The 2024 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 2024 is the relative total shareholder return (TSR) of the Exel Composites’ share where the TSR of Exel’s share will be compared to the OMX Helsinki Gross Index (OMXHGI). The potential share rewards payable will be paid in the spring 2027, 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 and in cash corresponding to value of taxes.
The Board of Directors will invite a maximum 20 persons belonging to the company’s leadership as eligible to participate in the 2024 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 2024 plan are fully achieved, the aggregate value of the 2024 plan is approximately EUR 0.8 million, which corresponds to 360,000 shares based on the average share price of 23 April 2024.
For further information, please contact:
Mikko Rummukainen, CFO
tel. +358 20 754 1335
mikko.rummukainen@exelcomposites.com
Exel Composites in brief
Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. 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 in diverse industrial sectors such as wind power, transportation and building and infrastructure.
Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' 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 over 600 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.