menu

Our businesses:

{{displayStock}}

Stock Exchange Release

Cargotec's Board of Directors has resolved on incentive programme's performance criteria and on new share-based incentive programme for 2019

20/02/2019

CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 20 FEBRUARY 2019 AT 1:00 PM EET
 
Cargotec's Board of Directors has resolved on incentive programme's performance criteria and on new share-based incentive programme for 2019
 
The Board of Directors of Cargotec Corporation has resolved on the performance criteria for the share-based incentive programme for the year 2019. The performance share programme, approved by the Board of Directors in 2017, includes three performance periods, calendar years 2017-2018, 2018-2019 and 2019-2020. Each performance period includes two measuring periods, both lasting for one calendar year. The Board of Directors will annually resolve on the performance criteria for each measuring period.
 
 
For the performance period of 2018-2019 started in 2018, the potential reward of the measuring period 2019 will be based on the business areas' operating profit excluding restructuring costs for the key employees of the business areas Kalmar, Hiab and MacGregor, and for Navis software divisions' key employees, on Navis' sales. For Cargotec Corporate key employees, the performance criterion is operating profit excluding restructuring costs.
 
For the new performance period of 2019-2020, the programme is directed to approximately 150 key employees, including the members of the Executive Board. The incentive programme supports increasing growth of the service and software business according to Cargotec's strategy. For the key employees of the business areas Kalmar, Hiab and MacGregor, the potential reward of the measuring period 2019 will be based on the business areas' service gross profit, and for Navis software divisions' key employees, on Navis' sales and on sales excluding TOS-business. For the Cargotec Corporate key employees, the performance criterion is Cargotec's service gross profit. The rewards to be paid on the basis of the performance period 2019-2020 will amount up to an approximate maximum total of 294,000 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.
 
In addition, the Board of Directors of Cargotec Corporation has resolved to establish a new restricted shares programme for 2019. As a part of total compensation, additional restricted share grants can be allocated for selected key employees for recruitment and retention purposes in 2019. Restriction period of the shares continues until the end of March 2021. The rewards to be paid on the basis of the programme will amount up to an approximate maximum total of 27,000 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.
 
 
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's sales in 2018 totalled approximately EUR 3.3 billion and it employs around 12,000 people. www.cargotec.com