CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 4 FEBRUARY 2021 AT 1:50 PM (EET)
Cargotec's Board of Directors has resolved on incentive programme's performance criteria for 2021
The Board of Directors of Cargotec Corporation has resolved on the performance criteria for the share-based incentive programme for the year 2021. 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. Each performance period includes one to three measuring periods. One measuring period can be three calendar years at maximum, which is the total length of one performance period. For the measuring periods, the Board of Directors will annually resolve the length, the performance criteria and the required performance levels for each criterion.
During the performance period 2021-2023, 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 2021 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 2021-2023 will amount up to an approximate maximum total of 278,500 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.
For the performance period of 2020-2022, which started last year, the potential reward of the second measuring period 2021 will be based on the business areas' service gross profit for the key employees of the business areas Kalmar, Hiab and MacGregor. For Cargotec Corporate key employees, the performance criterion is Cargotec's service gross profit.
In addition, the Board of Directors has resolved that share allocation for the restricted share programme's second period 2021-2023 will amount up to an approximate maximum total of 46,000 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 further information, please contact:
Hanna-Maria Heikkinen, Vice President, Investor Relations, tel. +358 20 777 4084
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 United Nations Global Compact's Business Ambition for 1.5°C. The company's sales in 2020 totalled approximately EUR 3.3 billion and it employs around 11,500 people. www.cargotec.com
