The Board of Directors of Suominen resolved on incentive plan for President & CEO
Suominen Corporation's stock exchange release on May 19, 2023 at 2:00 p.m. (EEST)
The Board of Directors of Suominen Corporation has resolved to establish a new share-based incentive plan for the company’s President and CEO. The aim of the plan is to align the objectives of the shareholders and the President & CEO in order to increase the value of Suominen in the long-term, to retain the President & CEO at the company, and to offer him a competitive reward plan that is based on acquiring, receiving and accumulating the company's shares.
Under the plan the President & CEO is expected to own or acquire up to 30,000 shares of Suominen Corporation at a price formed in public trading on Nasdaq Helsinki. Suominen will match the share investment by way of the President & CEO receiving, without consideration, up to 60,000 matching shares (gross including also the proportion to be paid in cash).
The plan includes three vesting periods, June 1, 2023—June 1, 2024, June 1, 2023—June 1, 2025 and June 1, 2023—June 1, 2026. The potential reward will be paid partly in shares and partly in cash in three equal installments after each vesting period, provided that the President & CEO’s service in the company is in force at the time of the reward payment. The cash proportion is intended to cover taxes and tax-related costs arising from the rewards to the President & CEO.
Klaus Korhonen, SVP, HR & Legal tel. +358 10 214 30 70
Suominen manufactures nonwovens as roll goods for wipes and other applications. Our vision is to be the frontrunner for nonwovens innovation and sustainability. The end products made of Suominen’s nonwovens are present in people’s daily life worldwide. Suominen’s net sales in 2022 were EUR 493.3 million and we have over 700 professionals working in Europe and in the Americas. Suominen’s shares are listed on Nasdaq Helsinki. Read more at www.suominen.fi.