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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).
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.