The Board of Directors of Konecranes Plc resolved on key employee incentive plan

KONECRANES PLC STOCK EXCHANGE RELEASE June 15, 2016 at 09:05


The Board of Directors of Konecranes Plc has resolved to establish a new share-based incentive plan directed to the Group key employees. The aim of the plan is to combine the objectives of the shareholders and the key employees in order to increase the value of the Company in the long-term, to retain the key employees at the Company, and to offer them a competitive reward plan that is based on earning and accumulating the Company’s shares. 

The long-term incentive plan consists of one discretionary period, calendar year 2016. Approximately 200 key employees, including the members of the Group Executive Board and Senior Management, belong to the target group of the plan.  

The potential reward from the plan will be based on the continuation of a key employee´s employment or service and on the Konecranes Group’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA). The rewards to be paid on the basis of the plan correspond to an approximate maximum total of 700,000 Konecranes Plc shares including also the proportion to be paid in cash. 

The potential reward from the plan will be paid partly in Konecranes shares and partly in cash after the discretionary period, by the end of August 2017. The cash proportion is intended to cover taxes and tax-related costs arising from the reward to a key employee. The shares paid as reward may not be transferred during a restriction period established for the shares. The restriction period shall begin from reward payment and end on December 31, 2018.   

The members of the Group Executive Board and Senior Management must retain 50 per cent of net shares received on the basis of the plan until such member´s share ownership equals his or her annual gross base salary. Such number of shares must be held as long as such member´s employment or service at Konecranes continues.

KONECRANES PLC

Miikka Kinnunen
Director, Investor Relations


  

FURTHER INFORMATION

Miikka Kinnunen, Director, Investor Relations, Konecranes Plc, tel. +358 20 427 2050

 

 

Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity-enhancing lifting solutions as well as services for lifting equipment and machine tools of all makes. In 2015, Group sales totaled EUR 2,126 million. The Group has 11,600 employees at 600 locations in 48 countries. Konecranes is listed on Nasdaq Helsinki (symbol: KCR1V).



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