CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 19 DECEMBER 2024 AT 3:40 PM (EET)
Cargotec's Board of Directors has approved new share-based key employee incentive programmes
The Board of Directors of Cargotec Corporation (the "Company") has resolved to establish new share-based incentive programmes for the Company's management and selected key employees. The programmes include a Performance Share Programme (also "PSP”) and a Restricted Share Programme (also "RSP”) as a complementary structure for specific situations.
The programmes aim to combine the objectives of the shareholders and the key employees to increase the Company's shareholder value in the long-term, to commit the key employees to implement the Company's strategy and offer them a competitive reward programme based on the earnings of the Company's shares.
The Performance Share Programme includes calendar years 2025-2027 as a performance period. The potential rewards thereunder will be paid in spring 2028. The performance criterion based on which the potential reward will be paid is the Company's earnings per share (EPS).
The programme targets approximately 70 selected key employees, including the Company's Leadership Team members.
If the performance criterion is fully achieved, the maximum number of the Company's class B shares to be paid based on the programme is approximately 90,000. In addition to the rewards payable in shares, the rewards include a cash portion intended to cover the taxes and tax-related costs arising to the key employees from the reward.
In addition, the Board of Directors of Cargotec Corporation has resolved to establish a new Restricted Share Programme for calendar years 2025-2027. The purpose of the Programme is to serve as a complementary long-term retention tool for individually selected employees of the Company in specific situations.
The programme comprises a retention period with a length of the entire programme, followed by the payment of the share rewards granted within the programme in the spring of 2028.
The maximum number of the Company's class B shares to be paid based on the programme is approximately 10,000. In addition to the rewards payable in shares, the rewards include a cash portion intended to cover the taxes and tax-related costs arising to the key employees from the reward.
Besides the earning opportunity specified for each participant in shares, the value of the rewards payable based on the incentive programmes is limited by a maximum cap linked to the company's share price development.
Cargotec Corporation
The Board of Directors
For further information, please contact:
Laura Salminen, Vice President, Performance and Rewards, tel. +358 50 401 4462
Aki Vesikallio, Vice President, Investor Relations, tel. +358 40 729 1670
Cargotec's (Nasdaq Helsinki: CGCBV) businesses Hiab and MacGregor enable smarter cargo flow for a better everyday with leading cargo handling solutions and services. Hiab is a leading provider of smart and sustainable on road load-handling solutions, committed to delivering the best customer experience every day with the most engaged people and partners. MacGregor is a leader in sustainable maritime cargo and load handling with a strong portfolio of products, services and solutions. Cargotec's sales in 2023 totalled approximately EUR 2.5 billion and it employs over 6,000 people. www.cargotec.com
