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Incentive plans

Performance-based incentive programs

It is considered by the Board to be in the best interest of the shareholders that key personnel in Adapteo have a long-term interest in a good value development of the shares of the Group. Particularly, this applies to the group of key personnel that consists of the senior executives and the business unit managers. It is also the assessment of the Board that a share-related longterm incentive program increases the attractiveness of Adapteo on the global market and enhances the possibility to recruit and keep key personnel in the Group.

Share-Based Incentive Plans

Before the demerger from Cramo Plc, the Board of Directors of Cramo Plc resolved to establish new sharebased incentive plans for Adapteo Group employees. The aim was to align the objectives of the shareholders and the employees, to retain the employees at Adapteo, and to offer them continuity to existing Cramo share-based incentive plans after the demerger. 

Performance Share Plans 2017, 2018 and 2019

All rewards will be paid out in both Cramo and Adapteo shares, so that for each earned Cramo share, the participants receive one additional Adapteo share. The participants are entitled to get a gross number of shares if all the vesting conditions are met. However, a portion of shares is withheld to cover applicable taxes arising from the rewards to the participants and a net number of shares is paid.

The pending confirmed rewards from the discretionary periods 2017 and 2018 will be paid to participants in the original schedule after the relevant vesting periods, in May 2020 and 2021.

For Adapteo participants, the discretionary period 2019 ended already on 30 June 2019. Any rewards accrued by 30 June 2019 will be paid to participants in the original schedule after the relevant vesting period, in May 2022. 

One Cramo Share Plan

After the completion date pursuant to the demerger, the pending matching shares in the One Cramo Share Plan will be paid to the participants in the original schedule after the relevant holding periods, in May 2020, 2021, and 2022. Matching shares will be paid out in both Cramo and Adapteo shares, so that for each earned Cramo share, the participants receive one additional Adapteo share. The participants are entitled to get a gross number of shares if all the vesting conditions are met. However, a portion of shares is withheld to cover applicable taxes arising from the rewards to the participants and a net number of shares is paid.

For Adapteo participants, saving in the One Cramo Share Plan ended on 30 June 2019. Any savings not used for share purchases before the demerger has been used to purchase Adapteo shares for Adapteo participants after the demerger. The matching shares will be denominated respectively.

Due to the recent tender offer process for all shares of Cramo Plc made by Boels, the Board of Directors of Adapteo has decided to make certain considerations relating to the share-based plans originating from Cramo. The Board of Directors has decided that all Adapteo shares under the affected programmes shall continue to vest in accordance with the original time table and terms and conditions. The Board of Directors will decide on the treatment of the shares or share value of Cramo share under each respective plan period.

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