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
SOURCE Kamux