The Board of Directors of Konecranes Plc has decided to establish a new Performance Share Plan
KONECRANES PLC STOCK EXCHANGE RELEASE February 1, 2024 at 9:15 pm EET
The Board of Directors of Konecranes Plc has decided to establish a new Performance Share Plan
The Board of Directors of Konecranes Plc has decided to establish a new Performance Share Plan 2024 (the “Plan”) for Konecranes key employees. The purpose of the Plan is to align the objectives of Konecranes’ shareholders and key employees and thus to increase the value of the company, to commit key employees to the company and to reward employees for achieving set targets.
The potential rewards are directly linked to Key Performance Indicators (KPIs) supporting long-term shareholder return, and the plan has a three-year performance period from 2024 to 2026.
The Plan has three performance criteria: the cumulative comparable Earnings per Share (EPS) for the financial years 2024-2026 with a 55 percent’s weighting, the compound annual growth rate (CAGR) for Sales for the financial years 2024-2026 with a 35 percent’s weighting and the CO2 emissions from own operations for the financial years 2024-2026 with a 10 percent’s weighting. Items affecting comparability of the EPS include defined restructuring costs, mergers and acquisitions related deal costs and other unusual items. The targets for the three-year performance period have also been decided by the Board of Directors.
The target group of the Plan consists of approximately 170 Konecranes key employees. The rewards to be paid on the basis of the performance period 2024-2026 correspond to the value of a maximum total of 600,000 Konecranes Plc shares, and the payment of the potential rewards takes place in 2027, if plan term conditions are met.
The potential rewards from the Plan will be paid partly in Konecranes Plc shares and partly in cash. The cash proportion is intended to cover taxes and tax-related costs arising from the rewards to the plan participants. As a rule, no reward will be paid if a plan participant's employment or service ends before the reward payment.
The Board of Directors proposes to the Annual General Meeting of Shareholders, that the Board of Directors be authorized to decide on the share issue, or the transfer of treasury shares needed for the implementation of the Plan.
KONECRANES PLC
Kiira Fröberg
Vice President, Investor Relations
FURTHER INFORMATION
Kiira Fröberg, Vice President, Investor Relations,
tel. +358 (0) 20 427 2050
Konecranes is a global leader in material handling solutions, serving a broad range of customers across multiple industries. We consistently set the industry benchmark, from everyday improvements to the breakthroughs at moments that matter most, because we know we can always find a safer, more productive and sustainable way. That's why, with around 16,500 professionals in over 50 countries, Konecranes is trusted every day to lift, handle and move what the world needs. In 2022, Group sales totalled EUR 3.4 billion. Konecranes shares are listed on Nasdaq Helsinki (symbol: KCR).
DISTRIBUTION
Nasdaq Helsinki
Major media
www.konecranes.com