Remuneration of CEO

Corporate Governance

Remuneration of CEO

The fixed annual gross salary of CEO Keith Silverang is as from November 1, 2018 EUR 500,000. The fringe benefits comprise telephone and car benefits which are included in the monthly salary at their taxation values.

The CEO may receive annual bonus, the amount of which is determined by the board based on the extent to which the annual result targets have been reached. The maximum annual bonus corresponds 50% of the CEO’s base annual salary. The company’s share-based incentive schemes have been discontinued in connection with the completion of the public tender offer for Technopolis Plc shares, and the fees paid for them will be paid by the end of May 2019.

On 28 August 2018, the Board of Directors of the Company resolved on discretionary cash rewards payable to the President and CEO and other members of the Management Team as well as other key persons of the Company, the payment of which is conditional upon the completion of the Tender Offer and a person entitled to the reward not resigning before the reward payment on or about 30 April 2019. The payment of the discretionary cash reward aims to (i) compensate for the additional work related to the Tender Offer and (ii) enhance retention in a situation where key persons may be at a risk to leave the Company. The maximum amount of the discretionary cash rewards is EUR 565,000 in the aggregate.

The CEO’s service agreement is valid for an indefinite duration. The termination notice period is 6 months, both for the company and the CEO. In addition to the monthly salary for the termination notice period, the CEO is entitled to a severance pay equaling 12 months’ fixed monthly salary.

The pension and retirement age for the CEO are determined in accordance with the applicable legislation in force regarding pension. The CEO does not have any individual pension arrangements.

Last updated 28.2.2019