Establishment of a share-based long-term incentive scheme for Aspocomp’s management
July 20 2022 - 2:30AM
Establishment of a share-based long-term incentive scheme for
Aspocomp’s management
Aspocomp Group Plc, Stock Exchange Release, July 20, 2022, at
9:30 a.m. EEST The Board of Directors of Aspocomp Group Plc has
decided on the establishment of a share-based long-term incentive
scheme for the company’s top management and selected key employees.
It comprises a Performance Share Plan (also “PSP”). The objectives
of the Performance Share Plan are to align the interests of
Aspocomp’s management with those of the company’s shareholders and,
thus, to promote shareholder value creation in the long term as
well as to commit the management to achieving Aspocomp’s strategic
targets. The Performance Share Plan consists of annually commencing
individual performance share plans. The commencement of each new
plan is subject to a separate decision of Aspocomp’s Board of
Directors. Each plan comprises a performance period followed by the
payment of the potential share rewards in listed shares of
Aspocomp. The payment of the rewards is conditional on the
achievement of the performance targets set by the Board of
Directors for the respective plan. The performance period of the
first plan, PSP 2022 - 2024, covers the period from the beginning
of July 2022 until the end of the year 2024. The share rewards
potentially payable thereunder will be paid during the first half
of the year 2025. The possible subsequent plans will include a
three-year performance period as in each case separately decided by
the Board of Directors. The length of the first plan is shorter due
to the transition phase to the new long-term incentive structure.
The performance measures based on which the potential share rewards
under PSP 2022 - 2024 will be paid are cumulative EBIT and the
total shareholder return of Aspocomp’s share (absolute TSR).
Eligible for participation in PSP 2022 - 2024 are approximately 20
individuals, including the members of Aspocomp’s Management Team.
If all the performance targets set for the first plan, PSP 2022 –
2024, are fully achieved, the aggregate maximum number of shares to
be paid as a reward based on this plan is approximately 92,000
shares (referring to gross earnings before the withholding of the
applicable payroll tax). Other terms The maximum value of the
reward payable to the participants based on PSP is limited by a cap
which is linked to Aspocomp’s share price development with a
multiplier set by the Board of Directors. If the individual’s
employment with Aspocomp terminates before the payment of the
reward, the individual is not, as a main rule, entitled to any
reward based on the respective plan. Aspocomp applies a share
ownership recommendation to the members of the company’s Management
Team. According to this recommendation each member of Aspocomp’s
Management Team is expected to retain in his/her ownership at least
half of the shares received under the share-based incentive plans
of the company until the value of his/her share ownership in the
company in case of the President and CEO corresponds to at least
the CEO’s annual gross base salary and in case of the other members
of the Management. ASPOCOMP GROUP PLC For further information,
please contact Mikko Montonen, President and CEO, tel. +358
20 775 6860, mikko.montonen(at)aspocomp.com. Aspocomp –
heart of your technology A printed circuit board (PCB) is used
for electrical interconnection and as a component assembly platform
in electronic devices. Aspocomp provides PCB technology design,
testing and logistics services over the entire lifecycle of a
product. The company’s own production and extensive international
partner network guarantee cost-effectiveness and reliable
deliveries. Aspocomp’s customers are companies that design and
manufacture telecommunication systems and equipment, automotive and
industrial electronics, and systems for testing semiconductor
components for security technology. The company has customers
around the world and most of its net sales are generated by
exports. Aspocomp is headquartered in Espoo and its plant is in
Oulu, one of Finland’s major technology hubs. www.aspocomp.com
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