Vantaa, Finland, 2012-02-16 08:13 CET (GLOBE NEWSWIRE) --
The Board of Directors of Ramirent Plc has approved a new share-based incentive program for the executives of the company. The aim of the new program is to combine the objectives of the shareholders and the executives in order to increase the value of the company, to commit the executives to the company and to offer the executives a competitive reward program based on holding the Company’s shares. The new program includes matching shares and performance shares, and the program is targeted at approximately 50 executives for the earning period 2012—2014. The members of the Group Management Team are included in the target group of the new incentive program.
The new program includes one earning period, the calendar years 2012—2014. The potential reward from the program for the earning period 2012—2014 will be based on the Group's cumulative Economic Profit and on the Group's Total Shareholder Return (TSR). In order to receive shares under the program, the prerequisite for the top management is that an executive acquires and holds certain amount of the Company’s shares in accordance with the decision by the Board of Directors.
The potential reward from the earning period 2012—2014 will be paid partly in the Company’s shares and partly in cash in 2015. The cash payment is intended to cover the personal taxes and tax-related costs arising from the reward. No reward will be paid to an executive, if his or her employment or service with the Group Company ends before the reward payment.
The maximum reward to be paid on the basis of the earning period 2012—2014 will correspond to the value of up to 350,000 Ramirent Plc shares (including also the proportion to be paid in cash).
Vantaa, 16.2.2012
RAMIRENT PLC
Magnus Rosén
President and CEO
FURTHER INFORMATION:
Jonas Söderkvist, CFO, tel. +358 20 750 3248
DISTRIBUTION:
NASDAQ OMX Helsinki
The main media
www.ramirent.com
Ramirent is a leading equipment rental group delivering Dynamic Rental Solutions™ that simplify business. We serve a broad range of customers, including construction and process industries, shipyards, the public sector and households. In 2011, Group net sales totalled EUR 650 million. The Group has some 3,200 employees at some 406 permanent outlets in thirteen countries. Ramirent is listed on the NASDAQ OMX Helsinki Ltd.