HELSINKI, Jan. 16, 2020 /PRNewswire/ -- On 16 January 2020, the Board of Directors of Kamux Corporation decided to approve the detailed terms and conditions of the share-based incentive scheme for the Group's key personnel for 2020. The purpose of the share-based remuneration scheme is to combine the objectives of shareholders and key personnel in order to increase Kamux's value in the long term, to increase the commitment of the key personnel to Kamux and to offer them a competitive remuneration scheme based on the earning and accumulation of shares.
The earnings period for the share-based remuneration scheme is the 2020 calendar year. The amount of any gross reward paid pursuant to the scheme for the earnings period will be determined by the achievement of goals set for the earnings criteria. According to the decision by the Board of Directors, the earnings criterion applicable for the 2020 earnings period is achieving the EBIT target for 2020 set by the Board of Directors. Any rewards resulting from the scheme will be paid after the end of the earnings period, by the end of May 2021, in the company's shares unless the Board of Directors decides to pay the reward partly or fully in cash. The reward to be paid will consist of the net number of shares that remain after deducting the monetary sum required to cover the taxes for the confirmed reward. If a key person's employment or service relationship ends before the payment of the reward, no reward will normally be paid.
The Board of Directors has selected approximately 30 key persons as eligible to participate in the incentive scheme. According to the terms and conditions of the share-based remuneration scheme, the Board of Directors may decide to accept new participants in the scheme during the earnings period.
If the maximum target level set for the earnings criterion is achieved, the total amount of rewards paid under the 2020 share-based remuneration scheme would be up to approximately EUR 1,3 million (gross), which is estimated to correspond to up to approximately 181,400 Kamux shares, calculated on the basis of the average price of the Kamux share in December 2019.
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 31 December 2022. 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.
The incentive scheme now approved for 2020 is the third scheme approved on the basis of the decision made by the Board of Directors on 27 April 2017 to establish an incentive scheme. The issuance of shares in accordance with the terms and conditions of the share-based remuneration scheme is based on the authorisation given to the Board of Directors of Kamux on 26 April 2018 by the Annual General Meeting. The Board of Directors of Kamux is authorised to decide on issuing a maximum of 400,000 new and/or existing shares to reward Kamux's key personnel in accordance with the share-based remuneration scheme. The intention is to extend similar type share-based remuneration scheme with corresponding new earnings periods beginning annually at the discretion of the Board of Directors.
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 72 car showrooms in Finland, Sweden and Germany. Since its founding, the company has sold more than 240,000 used cars, 46,596 of which were sold in 2018. Kamux's revenue reached EUR 527.8 million in 2018. In 2018, Kamux's average number of employees was 472 in terms of full-time equivalent employees. The shares of Kamux are listed on the Nasdaq Helsinki stock exchange.
For more information:
Juha Kalliokoski, CEO
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