Exel Composites Plc's Board of Directors has resolved on a new long-term incentive program for the Company executives
EXEL COMPOSITES PLC STOCK EXCHANGE RELEASE 30 May 2013 at 15.05 p.m. 1 (1)
EXEL COMPOSITES PLC’S BOARD OF DIRECTORS HAS RESOLVED ON A NEW LONG-TERM INCENTIVE PROGRAM FOR THE COMPANY EXECUTIVES
The Board of Directors of Exel Composites Plc has approved a new incentive program for the executives of the Company. The aim of the new program is to combine the objectives of the shareholders and the executives in order to increase the value of the Company, to commit the executives to the Company and to offer the executives a competitive reward program. The new program is based on a long-term monetary performance reward, and the program is targeted at approximately 20 executives for the earning period 2013 − 2015. The members of the Group Management Team are included in the target group of the new incentive program.
The new program includes one earning period, the calendar years 2013 − 2015. The potential long-term monetary performance reward from the program for the earning period 2013 – 2015 will be based on the Group’s cumulative Economic Profit and on the Group’s Total Shareholder Return (TSR).
The potential reward from the earning period 2013 – 2015 will be paid in 2016. No reward will be paid to an executive, if his or her employment or service with the Group Company ends before the reward payment.
The maximum reward to be paid on the basis of the earning period 2013 – 2015 will be one million EUR.
Vantaa, 30 May 2013
EXEL COMPOSITES PLC
Vesa Korpimies
President and CEO
Further information:
Vesa Korpimies, President and CEO, Exel Composites Plc, tel. +358 50 590 6754,or email vesa.korpimies@exelcomposites.com
Ilkka Silvanto, CFO, Exel Composites Plc, tel. +358 50 598 9553, or email ilkka.silvanto@exelcomposites.com
DISTRIBUTION
NASDAQ OMX Helsinki Ltd.
Main news media
www.exelcomposites.com
EXEL COMPOSITES IN BRIEF
Exel Composites (www.exelcomposites.com) is a technology company which designs, manufactures and markets composite profiles and tubes for industrial applications. The Group is the leading composite profile manufacturer in the world and concentrates on growing niche segments.
The core of the operations is based on own, internally developed composite technology, product range based on it and a 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 personnel’s expertise and high level of technology play a major role in Exel Composites’ operations.
The Exel Composites Plc share is listed in the Small Cap segment of NASDAQ OMX Helsinki Ltd.