Cargotec’s Board of Directors has in its meeting on 20 March 2013 decided to grant President and CEO Mika Vehviläinen 60,500 Cargotec Corporation 2010A stock options. The aim in granting stock options is to ensure the alignment of shareholders’ objectives with those of executives, in order to increase the value of Cargotec, while committing the executives to the company. Mika Vehviläinen will be obliged to keep the stock options and shares possibly subscribed for with the stock options for a period of one year until 1 April 2014.
The theoretical market value of one stock option 2010A per 20 March 2013 is EUR 10.48. The theoretical market value of one 2010A stock option has been calculated through the use of Black & Scholes stock option pricing model with the following input factors: share price EUR 26.80, share subscription price EUR 19.74, risk free interest rate 0.13%, remaining validity of stock options approximately 2.1 years and volatility 48%. The terms and conditions of the Stock Options 2010 are available at Cargotec’s website www.cargotec.com.
Additionally a onetime compensation of EUR 80,000 for change of housing will be paid due to his transition from his previous employer to Cargotec.