HÄMEENLINNA, Finland, March 3,
2023 /PRNewswire/ -- On February 26, 2021, Kamux Corporation announced
the adoption and the terms and conditions of the share-based
long-term incentive plan covering the years 2021-2023 ("the plan").
The aim of the plan is to encourage and strengthen the commitment
of Kamux group's key employees to execute the strategy and to
increase the shareholder return, as well as to align the objectives
of the company's shareholders and the key employees for the
purposes of increasing the company's value.
The plan covers the strategy period 2021-2023 and is divided
into three one-year performance periods. In addition, the plan
includes an additional component based on the development of the
market value of the company, which gives the participants an
opportunity to receive additional shares after the end of the 2023
performance period.
It was announced earlier that the rewards to be paid pursuant to
the plan for the performance periods will be based on the revenue
and operating profit targets set forth by the Board of Directors
annually for each performance period. The Board of Directors has
now decided on certain changes to the earnings criteria for the
performance period of 2023. An ESG criterion based on the company's
sustainability program has been added as a key performance
indicator for 2023. In addition, the weight of the operating profit
criterion has been increased for the 2023 performance period.
Altogether 45 (originally 40) key employees elected by the Board
of Directors are currently 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
performance periods. 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.
For more information, please contact:
Marjo Nurmi, Chief People Officer,
tel. +358 50 63216
Kamux Corporation
The Board of Directors
Kamux 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 a total
of 78 car showrooms in Finland,
Sweden and Germany. Since its founding, the company has
sold over 450,000 used cars, 62,922 of which were sold in 2022.
Kamux's revenue in 2022 was EUR 968.7
million and its average number of employees was 883 in terms
of full-time equivalent employees. Kamux Corporation is listed on
Nasdaq Helsinki Ltd. For more information, please visit
www.kamux.com
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