Remuneration to Cargotec's President and CEO Mika Vehviläinen
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 20 MARCH 2013 AT 5.25 P.M. (EET)
Cargotec's Board of Directors has in its meeting on 20 March 2013 decided to grant President and CEO Mika Vehviläinen 60,500 Cargotec Corporation 2010A stock options. The aim in granting stock options is to ensure the alignment of shareholders' objectives with those of executives, in order to increase the value of Cargotec, while committing the executives to the company. Mika Vehviläinen will be obliged to keep the stock options and shares possibly subscribed for with the stock options for a period of one year until 1 April 2014.
The theoretical market value of one stock option 2010A per 20 March 2013 is EUR 10.48. The theoretical market value of one 2010A stock option has been calculated through the use of Black & Scholes stock option pricing model with the following input factors: share price EUR 26.80, share subscription price EUR 19.74, risk free interest rate 0.13%, remaining validity of stock options approximately 2.1 years and volatility 48%. The terms and conditions of the Stock Options 2010 are available at Cargotec's website www.cargotec.com.
Additionally a onetime compensation of EUR 80,000 for change of housing will be paid due to his transition from his previous employer to Cargotec.
Further information for the press:
Anne Westersund, Vice President, Communications, tel. +358 20 777 4460
Further information for investors:
Eeva Sipilä, Executive Vice President, CFO, tel. +358 20 777 4104
Cargotec improves the efficiency of cargo flows on land and at sea - wherever cargo is on the move. Cargotec's brands MacGregor, Kalmar and Hiab are recognised leaders in cargo and load handling solutions around the world. Cargotec's global network is positioned close to customers and offers extensive services that ensure the continuous, reliable and sustainable performance of equipment. Cargotec's sales totalled EUR 3.3 billion in 2012 and it employs approximately 10,500 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com