02.03.2016 11:48:00
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Eutelsat Communications: Remuneration of Mr. Michel De Rosen for the Current Financial Year
Regulatory News:
Eutelsat Communications (Paris:ETL) In the context of the transfer of the functions of Chief Executive officer from Mr.Michel de Rosen to Mr. Rodolphe Belmer as of 1st March 2016, the Board of Directors of Eutelsat Communications has redefined and concluded, upon the recommendation of the Governance, Appointments and Remuneration committee, the basis of the remuneration of Mr. Michel de Rosen for the current financial year:
Basic salary:
As of 1st March 2016, the basic salary of Mr. de Rosen as Chairman of the Board of Directors will be equal to €200,000.
Variable remuneration:
The amount of the annual variable remuneration for the Financial Year 2015-2016 as determined by the Board of Directors on 29th July 2015 will be calculated prorata temporis up to 29th February 2016, on the basis of Mr. De Rosen’s performance as measured at the end of the current financial year.
Phantom Share Plans of 13th February 2014, 11th February 2015 and Free Share Plan of 16th February 2016:
The main characteristics of the Plans of 13th February 2014 and 11th February 2015 are described in the 2014-2015 Reference Document under section 2.3.1 "Remuneration and benefits of the Directors and Managers of the company”. Board of Directors decided the sums due to Mr. de Rosen under these plans would be calculated prorata temporis until 29th February 2016, on the basis of Mr. De Rosen’s performance as measured at the end of the three year acquisition period of each of the plans; in consequence it waived the condition of presence, rendered irrelevant. .
In respect of the Free Share Plan of 16th February 2016, a continuation of the previous plan, Mr. de Rosen could benefit of a total, calculated prorata temporis, of 4,700 free shares. The definitive granting of these shares will occur at the end of the three year period, subject to the fulfilment of the performance criteria.
As a reminder, Mr.de Rosen does not enjoy any form of severance indemnity, non-compete clause or supplementary pension in the context of his mandate as Chairman and Chief Executive Officer, and will not benefit from any such benefit in his function as Chairman. .
The amounts due to Mr. Michel de Rosen in relation to the annual variable remuneration will be determined by the Board of Directors which will approve the accounts for the Financial Year to 30th June 2016.
About Eutelsat Communications:
Established in 1977, Eutelsat
Communications (Euronext Paris: ETL, ISIN code: FR0010221234) is one of
the world's leading and most experienced operators of communications
satellites. The company provides capacity on 40 satellites to clients
that include broadcasters and broadcasting associations, pay-TV
operators, video, data and Internet service providers, enterprises and
government agencies. Eutelsat’s satellites provide ubiquitous coverage
of Europe, the Middle East, Africa, Asia-Pacific and the Americas,
enabling video, data, broadband and government communications to be
established irrespective of a user’s location. Headquartered in Paris,
with offices and teleports around the globe, Eutelsat represents a
workforce of 1,000 men and women from 37 countries who are experts in
their fields and work with clients to deliver the highest quality of
service. www.eutelsat.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20160302005626/en/
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