Cargotec’s Board of Directors decided on new incentive programme for the Group’s key employees and on incentive programme’s performance criteria for 2022
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 13 MAY 2022 AT 10:00 AM (EEST)
Cargotec’s Board of Directors decided on new incentive programme for the Group’s key employees and on incentive programme’s performance criteria for 2022
The Board of Directors of Cargotec Corporation has decided to establish a new share-based incentive programme for the Group key employees. The reward from the new Restricted Share Unit Programme 2022–2024 is conditional on the achievement of strategic goals set by the Board of Directors. The reward is paid in two installments, half in the spring of 2023 and half in the spring of 2024. The shares received as a reward from the programme’s first installment may not be sold, transferred, pledged or otherwise assigned during a lock-up period which ends on 31. December 2023. The Programme is intended for approximately 60 Cargotec Group’s key employees, including selected Leadership Team members. The rewards to be allocated on the basis of the Programme will amount up to an approximate maximum total of 108,000 Cargotec Corporation class B shares. In addition, a cash proportion is included in the reward to cover taxes and tax-related costs arising from the reward.
In addition, the Board of Directors has resolved on the performance criteria for the share-based incentive programme’s new performance period 2022–2024. The performance share programme, approved by the Board of Directors in 2020, includes three performance periods, calendar years 2020–2022, 2021–2023 and 2022–2024. During the performance period 2022–2024, the programme is directed to approximately 110 key employees, including the members of Cargotec Leadership Team. The Board of Directors has resolved that the performance period’s first measuring period is one calendar year. For the key employees of the business areas Kalmar, Hiab and MacGregor, the potential reward of the programme from the measuring period 2022 will be based on the business areas’ comparable operating profit. For the Cargotec Corporate key employees, the performance criteria is Cargotec’s comparable operating profit. The rewards to be paid on the basis of the performance period 2022–2024 will amount up to an approximate maximum total of 280,000 Cargotec’s class B shares. In addition, the rewards include cash proportions that are intended to cover taxes and tax-related costs arising from the reward to the key employees.
The Board of Directors has also resolved that share allocation for the restricted share programme’s third period 2022–2024 will amount up to an approximate maximum total of 31,000 Cargotec’s class B shares. In addition, the rewards include cash proportions that are intended to cover taxes and tax-related costs arising from the reward to the key employees. The Board of Directors approved the restricted share programme in 2020.
Cargotec Corporation
The Board of Directors
For more information, please contact:
Aki Vesikallio, Director, Investor Relations, tel. +358 40 729 1670
Vesa-Pekka Lankinen, Vice President, Performance and Rewards, tel. +358 20 777 4113
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec’s business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec has signed the United Nations Global Compact Business Ambition for 1.5°C. The company’s sales in 2021 totalled approximately EUR 3.3 billion and it employs around 11,000 people. www.cargotec.com
