Kamux Corporation, Stock Exchange Release, 22.1.2024 at 08:30
HÄMEENLINNA, Finland, Jan. 22, 2024 /PRNewswire/ — The Board of Directors of Kamux Corporation has resolved to establish a matching share plan for the recognized rising key employees of the Group. The plan title is Green Lions, and it is established for key employees who are not included in Kamux’s other share-based incentive plans. The purpose of the Green Lions Plan is to retain the future key employees at the company and to offer them a competitive incentive plan that is based on acquiring and accumulating Kamux shares as well as to encourage them to personally invest in the company’s shares. The Green Lions Plan also aims to align the interests of the shareholders and the key employees to increase the value of the company in the long term.
The Green Lions Plan 2024-2029 includes four (4) matching periods, covering years 2024-2026, 2025-2027, 2026-2028 and 2027-2029. The prerequisite for participation in the plan and receiving a reward is that a participant personally has acquired Kamux shares within the limits set by the Board of Directors. Furthermore, payment of the reward is based on the participant’s valid employment contract upon reward payment.
The Board of Directors will resolve annually on the commencement and details of a matching period. The potential rewards from the plan will be paid after the end of each matching period.
The target group of the first matching period of January 1, 2024 – December 31, 2026, 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 270,000 Kamux Corporation shares (estimated using the closing share price of January 17, 2024 5.23 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 first matching period will be paid by the end of March 2027. The rewards will be paid partly in company shares and partly in cash. The cash proportion is intended to cover taxes and social security contributions arising from the reward to the participant. As a rule, no reward will be paid if a participant’s employment terminates before the reward payment.
For more information, please contact:
Marjo Nurmi, Chief People and Sustainability Officer, tel. +358 50 632 16
Kamux Corporation
Communications
Kamux is a retail chain specialized in 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 in Hämeenlinna, Finland, in 2003 the company has sold over 500,000 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