Kamux Corporation | Stock Exchange Release | January 23, 2025 at 18:20:00 EET
Performance matching share plan 2025-2029
The Board of Directors of Kamux Corporation resolved to establish performance matching share plan for the key employees of the group. The aim of the new plan is to align the objectives of the shareholders and the key employees in order to increase the value of the company in the long term. The plan is intended to encourage key employees to personally invest in the company's shares, to steer them toward achieving the company's strategic objectives, to retain them at the company, and to offer them a competitive incentive plan that is based on acquiring, earning and accumulating Kamux's shares.
The performance matching share plan 2025-2029 includes three performance periods, covering the financial years 2025-2027, 2026-2028 and 2027-2029. The Board will decide annually on the commencement and details of a performance period. The prerequisite for participation in the plan and receiving the reward is an allocation of freely transferable Kamux's shares held by the key employee to the plan or that the key employee acquires Kamux's shares in a number determined by the Board.
In the performance matching share plan, the key employees have the opportunity to earn shares of Kamux based on performance and their personal investment in the shares of Kamux. The potential rewards will be paid partly in shares of Kamux and partly in cash. The cash proportion of the reward is intended for covering taxes and statutory social security contributions arising from the reward to the key employees. The potential rewards from the plan will be paid within five months from the end of each performance period. As a rule, no reward is paid if the key employee's employment or director contract terminates before the reward payment.
The members of the management team are obliged to hold 50 per cent of the net reward shares received from the performance matching share plan, until the total value of the management team member's shareholding in Kamux equals to 50 per cent of their annual base salary of the preceding calendar year. Respectively, the CEO is obliged to hold 50 per cent of the net reward shares received from the performance matching share plan, until CEO's shareholding in Kamux equals to the CEO's annual base salary of the preceding calendar year. Such number of Kamux's shares must be held as long as the membership in the Management Team or the position as the CEO continues.
The performance criteria of the first performance period are Total Shareholder Return, Earnings per Share and an ESG criterion. The target group of the first performance period 2025-2027 consists of approximately 40 key employees, including the members of the Management Team and the CEO.
The value of the rewards to be paid on the basis of the first performance period corresponds to an approximate maximum total of 980,000 shares of Kamux (estimated using the closing share price of January 15, 2025 2.72 euros), including also the proportion to be paid in cash. The final number of shares will depend on the participants' personal share commitments and the achievement of the targets set for the performance criteria.
Matching period 2025-2027 of the Matching share plan
The Board of Directors resolved on January 22, 2024 to establish a matching share plan for the recognized rising key employees of the Group (Green Lions). The main terms of the plan were announced on a stock exchange release on January 22, 2024. The Board of Directors resolved on the commencement and details of the second matching period of the plan, which covers the financial years 2025-2027.
The target group of the matching period 2025-2027 consists of approximately 70 recognized future key employees, who are not included in Kamux's other share-based incentive plans. Members of the Management Team are not included in the target group.
As a reward for the commitment, Kamux grants the participants a gross reward of one matching share for every share committed to the plan. The rewards to be paid on the basis of the plan correspond to the value of an approximate maximum total of 260,000 Kamux's shares (estimated using the closing share price of January 15, 2025 2.72 euros), including also the proportion to be paid in cash. The final number of shares will depend on the number of shares the participants commit to the plan.
The rewards from the second matching period will be paid by the end of March 2028. The rewards will be paid partly in company shares of Kamux and partly in cash. The cash proportion of the reward is intended for covering taxes and statutory social security contributions arising from the reward to the participants. As a rule, no reward is paid if the participant's employment or director contract terminates before the reward payment.
For more information:
Tapio Pajuharju, CEO, tel. +358 50 577 4200
Kamux Corporation
Communication
Kamux is a retail chain specialized in preowned 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 a total of 69 car showrooms in Finland, Sweden and Germany. Since its founding in Hämeenlinna, Finland, in 2003 the company has sold over 500,000 used cars, 68,257 of which were sold in 2023. Kamux's revenue in 2023 was EUR 1,002 million and its average number of employees was 885 in terms of full-time equivalent employees. Kamux Corporation is listed on Nasdaq Helsinki Ltd. For more information, please visit www.kamux.com
