The Board of Directors of Suominen Corporation has resolved on a new share-based incentive plan for the Group key employees. The aim of the Plan is to combine the objectives of the shareholders and the key employees in order to increase the value of the Company, to commit the key employees to the Company, and to offer them a competitive reward plan based on long-term shareholding in the Company.
The new Plan includes one performance period, calendar years 2012—2014. The potential reward from the performance period will be based on the Suominen Group´s the Group’s cumulative Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and cumulative cash flow, and it will be paid partly in the Company’s shares and partly in cash in 2015. The aim is that the proportion to be paid in cash will cover taxes and tax-related costs arising from the reward to a key employee. No reward will be paid if a key employee’s employment or service ends before the reward payment.
The target group of the Plan consists of approximately 14 employees. The rewards to be paid on the basis of the Plan correspond to the value of an approximate maximum total of 5,050,000 Suominen Corporation shares (including also the proportion to be paid in cash).
Tampere, 17 February 2012
President and CEO
For further information, please contact:
Nina Kopola, President and CEO, tel +358 10 214 3551Suominen produces high-quality nonwovens, flexible packaging and wet wipes for industry and the retail sector. www.suominen.fi