Spinnova Plc’s Board of Directors has decided to establish a new share-based long-term commitment plan for the company’s CEO.
The purpose of the commitment system is to align the objectives of the CEO and shareholders in order to increase the value of the company in the long term and to commit the CEO to work in the company and own the company’s shares.
The CEO’s long-term commitment plan is one-off and covers the financial years 2023–2026. In the plan, the CEO has the opportunity to earn Spinnova shares as a reward based on working in the company and personal shareholding, so that for each share acquired by the CEO and allocated to the commitment plan, the CEO may earn two matching shares without payment as a reward.
The potential reward of the commitment plan will be paid after the end of the performance period, at the latest in April 2027. As a rule, the reward will be paid partly in Spinnova Plc’s shares and partly in cash. The cash proportion of the reward is intended to cover the taxes and statutory social insurance contributions arising from the reward to the participant. If the CEO’s employment or director contract expires before the remuneration is paid, the remuneration will not, as a rule, be paid. The maximum amount of the reward to be paid based on the commitment plan corresponds to the value of a maximum of approximately 33,388 Spinnova Plc shares in total, including the proportion to be paid in cash.