Cramo Plc Stock Exchange Release 8.2.2019 at 9.30 am (EET)
THE BOARD OF DIRECTORS OF CRAMO PLC RESOLVED TO CONTINUE THE INCENTIVE PLAN FOR KEY EMPLOYEES
The Board of Directors of Cramo Plc has approved to continue the current share-based incentive plan for the Group key employees. The aim of the plan is to continue aligning the objectives of the shareholders and the key employees in order to increase the value of the Company in the long-term, to retain the key employees at the Company, and to offer them a competitive reward plan that is based on earning and accumulating the Company’s shares.
The new Performance Share Plan 2019 includes three discretionary periods, calendar years 2019, 2020 and 2021. Each discretionary period will be followed by a two-year vesting period, after which any earned reward will be paid out to the participants. The plan is directed to approximately 90 people in discretionary period 2019. A participant´s participation in the plan is made contingent upon his or her participation in the One Cramo Share Plan.
The Board of Directors of the Company will resolve on the plan’s performance criteria and on the required performance levels at the beginning of each discretionary period. The potential reward of the discretionary period 2019 will be based on the Cramo Group’s Earnings per Share (EPS) and Return on Equity (ROE). The rewards to be paid on the basis of the discretionary period 2019 correspond to the value of an approximate maximum total of 290,000 Cramo Plc shares (including also the proportion to be paid in cash).
The potential rewards from the discretionary period 2019 will be paid partly in the Company’s shares and partly in cash in 2022. The cash proportion is intended to cover taxes and tax-related costs arising from the reward to the participant. As a rule, no reward will be paid, if a participant´s employment or service terminates before the reward payment.
A member of the Group Management Team must hold 50 per cent of the net number of Shares given on the basis of the Plan, until his or her shareholding in total corresponds to the value of his or her annual gross salary. Such number of Shares must be held as long as the participant’s employment or service in a company belonging to the Group continues.
CRAMO PLC The Board of Directors
Further information: Veli-Matti Reinikkala, Chairman of the Board of Directors, tel: +41 795 832 902
Distribution: Nasdaq Helsinki Ltd. Main media www.cramogroup.com
Cramo is Europe’s second largest rental services company specialising in construction machinery and equipment rental and rental-related services as well as the rental of modular space. Cramo operates in about 300 depots in fourteen countries. With a group staff around 2,500, Cramo's consolidated sales in 2017 was EUR 729.5 million. Cramo shares (CRA1V) are listed on Nasdaq Helsinki Ltd.
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