Kamux Corporation’s Share-Based Long-Term Incentive Plan for 2021―2023
Kamux Corporation Stock Exchange Release 26 February 2021 at 8:50 (EET)
Kamux Corporation’s Share-Based Long-Term Incentive Plan for 2021―2023
The Board of Directors of Kamux Corporation have decided to approve the new long-term incentive plan for the Group’s key persons for 2021-2023 (the “Plan”). The aim of the Plan is to encourage and strengthen the commitment of the Group's key persons to implement a long-term strategy and increase shareholder return, as well as to align the objectives of the company's shareholders and key persons in order to increase the company's value.
The Plan starts at the beginning of 2021 and is divided into three one-year performance periods. The amount of any gross reward paid pursuant to the Plan for the performance period will be determined by the targets regarding the achievement of revenue and operating profit. In addition, the Plan includes an additional component based on the market value of the Company, which gives each participant an opportunity is entitled to receive additional shares after the end of the 2023 performance period. The potential reward will be paid primarily in Kamux’s shares or in cash or in combination of them by the end of April following the end of the performance period and the potential additional shares will be paid by the end of April following the end of the 2023 performance period.
The Board of Directors has selected a total of 40 key persons as eligible to participate in the Plan. According to the terms and conditions of the Plan, the Board of Directors may decide to accept new participants in the Plan during the performance period. If the participant’s employment with Kamux terminates before the reward is paid, she / he is not generally entitled to a reward based on the Plan.
If the maximum target level set for the earnings criterion is achieved, the total amount of rewards paid under the Plan would be approximately EUR 4.4 million (gross), which is estimated to correspond to up to approximately 370,000 Kamux shares, calculated on the basis of the average volume weighted price of the Kamux share in January 2021.
The net shares paid as a reward will be subject to a transfer restriction during the commitment period. The commitment period begins when the reward is paid and ends on 30 April 2024. A member of the Group’s Management Team must own half of the net shares received as a reward based on the scheme until his/her shareholding in the company corresponds to the value of his/her annual salary (ownership obligation). Each participant must own this number of shares for as long as he/she remains a member of the Group’s Management Team.
KAMUX CORPORATION
The Board of Directors
More information:
Juha Kalliokoski, CEO
Contacts:
Communications Director, Satu Otala, tel. +358 400 629 337
Kamux Corporation is a retail chain specializing in the sale of used cars and related integrated services that has grown rapidly. Kamux combines online shopping with an extensive showroom network to provide its customers with a great service experience anytime, anywhere. In addition to digital channels, the company has total of 78 car showrooms in Finland, Sweden and Germany. Since its founding, the company has sold approximately 300,000 used cars, 55,432 of which were sold in 2019. Kamux’s revenue reached EUR 658.5 million in 2019. In 2019, Kamux’s average number of employees was 595 in terms of full-time equivalent employees. The shares of Kamux are listed on the Nasdaq Helsinki stock exchange.
www.kamux.com