Vantaa, Finland, 2015-02-10 13:30 CET (GLOBE NEWSWIRE) -- Cramo Plc Stock Exchange Release 10 February 2015, at 2.30 pm (EET)
Cramo Plc's Board resolved on key employees’ incentive plan
The Board of Directors of Cramo Plc has resolved on a new share-based incentive plan for the Cramo Group Management Team members and its key employees. The aim of the new plan is to continue aligning the objectives of the shareholders and the key employees in order to increase the value of Cramo in the long term, to bind the key employees to the Company, and to offer them a competitive reward plan based on earning and accumulation of Cramo shares.
The new Performance Share Plan (the Plan) offers the participants an opportunity to earn Cramo shares as a reward for achieving established performance targets during three discretionary periods, calendar years 2015, 2016 and 2017. Each discretionary period will immediately be followed by a two year vesting period, after which any earned reward will be paid out to participants.
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 from the Plan for the discretionary period 2015 will be based on the Cramo Group´s key figure Earnings per Share (EPS) and the potential reward will be paid partly in the Company’s shares and partly in cash in the spring 2018. The cash proportion will cover taxes and tax-related costs arising from the reward to a key employee. As a rule, no reward will be paid, if a key employee’s employment or service ends before the reward payment.
Each member of the Group Management Team must hold a half of shares paid on the basis of the Plan until the value of his or her shareholding in the Company in total corresponds to the value of his or her annual gross salary. Such number of shares must be held as long as his or her employment or service in a Group company continues.
The target group of the Plan consists of approximately 65 Cramo key employees. Should the performance targets be attained in full for all three discretionary periods (2015, 2016 and 2017), the earned reward will correspond to a maximum total of 1,000,000 Cramo Plc shares, including the proportion to be paid in cash.
CRAMO PLC
Vesa Koivula
President and CEO
Further information:
Vesa Koivula, President and CEO, tel: +358 40 510 5710
Distribution:
NASDAQ OMX Helsinki Ltd.
Main media
www.cramo.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 fifteen countries with 330 depots. With a group staff around 2.500, Cramo's consolidated sales in 2014 was EUR 652 million. Cramo shares are listed on the NASDAQ OMX Helsinki Ltd.