INFORMATION ON THE CONDITIONS FOR THE DEPARTURE FROM OFFICE OF
Further to Olivier Brandicourt’s decision to claim his pension rights as of
Variable compensation
As a reminder, the variable compensation of
Olivier Brandicourt’s variable compensation for the period from
In accordance with Article L. 225-100 II of the French Commercial Code, payment to
Supplementary pension under top-up pension plan
As a reminder, the vesting of contingent rights under the top-up defined-benefit pension plan to which
The Board of Directors has ascertained whether the performance condition was met, and noted that the level of attainment for Olivier Brandicourt’s variable compensation for the 2019 financial year was 96.75%, i.e. 145.12% of his fixed compensation, which generates 0.9675% of additional rights for 2019. Consequently, the final amount of the top-up pension due to
Because the vesting of contingent pension rights is linked to the variable compensation of the Chief Executive Officer, the top-up pension cannot be paid until after the approval of the Chief Executive Officer’s compensation package in respect of the 2019 financial year by our shareholders in an Ordinary General Meeting, on the terms stipulated in Article L. 225-100 II of the French Commercial Code.
As a reminder, in accordance with the compensation policy for the Chief Executive Officer, payment of this top-up pension is separate from any other termination benefit or non-compete indemnity.
For information, the following components of compensation were also announced on
Fixed compensation
The fixed compensation of
Outstanding equity-based compensation plans
In accordance with the compensation policy for the Chief Executive Officer, which specifies that rights are retained on retirement, the Board of Directors confirmed that
As a reminder, the stock options and performance shares initially awarded remain subject to the other plan conditions, including performance conditions and the non-compete undertaking.
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1Rights in respect of 2019 apportioned on a time basis for the period from
Attachment
- Press Release
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