Remuneration of CEO

Corporate Governance

Remuneration of CEO

The remuneration paid to the CEO consists of a fixed monthly salary, fringe benefits, possibly an annual bonus paid on the basis of the company’s results and personal performance as well as the long-term share-based incentive schemes for the key employees in the company.

The fixed annual gross salary of CEO Keith Silverang as from 1 November 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.

In addition, the CEO participates in the share-based incentive schemes, as described below, and may receive based on those remuneration schemes Technopolis Plc shares as follows:

  • based on earning periods 2016–2018 and 2017–2019 of the Performance Share Plan 2016–2020, the maximum amount of shares potentially payable under the Plan is 94,226 shares (the original maximum amount of shares under the ongoing earning periods was 82,000 shares), and
  • Based on earning period 2018 of the Performance Share Plan 2018–2020 the amount of shares that shall consist of the net number of shares remaining after deduction of a the amount of a cash proportion that is required for covering the taxes due to the confirmed reward. The reward, including the cash portion, may equal the value of a maximum of 27,333 shares for the earning period 2018.

The maximum amounts of Performance Share Plan 2016–2020 are based on a revision accepted by the Board of Directors of Technopolis in order to note and eliminate the dilution of the Plans resulting from the rights issues implemented by Technopolis in 2013 and in 2016.

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 18.12.2018