Cargotec Share Ownership Plan 2007–2011 - Issue of Own Shares as Reward Payment
Stock Exchange Release, March 5, 2009 at 6.40 p.m. Finnish time
Cargotec Corporation’s Board of Directors has decided on a directed bonus issue of 31,356 Cargotec’s class B shares owned by the Company to the 61 participants of the Company’s share-based incentive program as reward payment for the earnings period 2007–2008. The decision of the directed bonus issue is based on the authorization of the Annual General Meeting of Shareholders held on March 5, 2009.
The incentive program for 2007–2011was decided on January 17, 2007 and it consists of four earnings periods, of which the first was two years i.e. 2007–2008, and the following three periods one year each. The Board of Directors decides on the target group of the earnings period and their maximum reward at the beginning of each earnings period. Potential rewards from the incentive program during 2007–2011 are based on achievement of five-year net sales and operating income targets as defined in Cargotec’s strategy. The shares distributed as reward contain a prohibition to hand over or sell the shares within one year of the end of an earnings period with the exception of the final earnings period when no prohibitions are included.
The maximum amount to be paid out as shares from the incentive program during 2007–2011 is 387,500 class B shares. After the directed bonus issue decided on, Cargotec holds 2,959,369 of its class B shares.
For further information, please contact:
Kari Heinistö, Senior Executive Vice President, Secretary to Board of Directors,
tel. +358 204 55 4256
Eeva Sipilä, CFO, tel. +358 204 55 4281
Minna Karhu, Vice President, Corporate Communications, tel. +358 204 55 4630
Cargotec improves the efficiency of cargo flows by offering handling systems and the related services for the loading and unloading of goods. Cargotec’s brands, Hiab, Kalmar and MacGREGOR, are global market leaders in their fields and their solutions are used on land and at sea – wherever cargo is on the move. Extensive services close to customers ensure the continuous usability of equipment. Cargotec is the technology leader in its field, its R&D focusing on innovative solutions that take environmental considerations into account. Cargotec’s sales total EUR 3.4 billion and it employs approximately 12,000 people. Cargotec’s class B shares are quoted on the NASDAQ OMX Helsinki.