Detection Technology Oyj: Detection Technology's Board decided on a Performance Share Plan 2024-2026
Detection Technology Plc company announcement 1 February 2024 at 9:00 (EET)
Detection Technology's Board decided on a Performance Share Plan 2024-2026
The Board of Directors of Detection Technology Plc decided on a Performance Share Plan 2024-2026 (PSP 2024-2026). The performance period of the PSP 2024-2026 program has started in the beginning of January 2024 and will expire at the end of the year 2026. The potential awards under the performance share plan will be paid during H1 2027 as listed shares of Detection Technology.
The primary performance measure on the basis of which the potential share rewards under the PSP 2024-2026 program will be paid is the total shareholder return (absolute TSR) of Detection Technology's share. In addition, performance is evaluated with a sustainability metric, which is connected to the reduction of carbon dioxide emissions.
If all the performance targets set for the PSP 2024-2026 program are fully achieved, the aggregate maximum number of shares to be paid as a reward under the plan is approximately 270,000 shares (gross earnings before the applicable withholding tax). Approximately 60 people, including the members of Detection Technology's management group, are eligible to participate in the PSP 2024-2026 program.
The PSP 2024-2026 program is a part of Detection Technology's share-based long-term incentive scheme established for the company's management and other key employees, that the company announced on 3 August 2022. The performance share plan consists of separate stock award plans, which the company's Board of Directors resolve on each year. The performance period of the first performance share plan, PSP 2022-2024, started at the beginning of August 2022 and will finish at the end of 2024. The performance period of the second performance share plan, PSP 2023-2025, started at the beginning of January 2023 and will finish at the end of 2025.
The objective of the performance share plan is to align the interests of Detection Technology's management and key employees with those of the company's shareholders and, thus, to promote shareholder value creation in the long term. In addition, the aim is to commit the management and key employees to achieving Detection Technology's strategic targets.
Each plan comprises a performance period followed by the payment of the potential share rewards in listed shares of Detection Technology. The payment of the rewards is subject to the achievement of the performance targets set by the Board of Directors for the respective plan.
Other terms
The maximum value of the reward payable to the participants based on PSP is limited by a cap which is linked to Detection Technology's share price development with a multiplier set by the Board of Directors.
If the individual's employment with Detection Technology terminates before the payment of the reward, the individual is not, as a main rule, entitled to any reward based on the respective plan.
Detection Technology applies a share ownership recommendation to the members of the company's management group. According to the recommendation, each member of Detection Technology's management group is expected to accumulate and retain in their ownership at least half of the shares received under the share-based incentive plans of the company until the value of their share ownership in the company corresponds to at least their annual gross base salary.
The Board of Directors, Detection Technology Plc
Further information
Hannu Martola, President and CEO
+358 500 449 475, hannu.martola@deetee.com
Nordea is the company's Certified Advisor under the Nasdaq First North GM rules, +358 9 5300 6774
Detection Technology is a global provider of X-ray detector solutions and services for medical, security, and industrial applications. The company's solutions range from sensor components to optimized detector subsystems with ASICs, electronics, mechanics, software, and algorithms. It has sites in Finland, China, France, and the US. The company's shares are listed on Nasdaq First North Growth Market Finland under the ticker symbol DETEC.
Distribution: Nasdaq Helsinki, key media, www.deetee.com