Items of compensation subject to approval | Amounts paid in respect of the past financial year | Amounts awarded in respect of the past financial year or accounting valuation | Presentation |
|---|---|---|---|
Fixed compensation | Fixed compensation Amounts paid in respect of the past financial year 850,000 | Fixed compensation Amounts awarded in respect of the past financial year or accounting valuation 1,000,000 | Fixed compensation Presentation Proportion of fixed compensation: 37.78% The previous Shareholders’ Meeting approved the compensation of Arthur Sadoun, set at euro 1,000,000, while being informed of Arthur Sadoun’s decision to waive 30% of his fixed compensation for a period of six months from April 2020, which resulted in the payment of annual compensation of euro 850,000 for the 2020 financial year. The rules for determining the fixed compensation of the Chairman of the Management Board can be found in Section 3.2.1.5 of this document. |
Annual variable compensation | Annual variable compensation Amounts paid in respect of the past financial year 1,400,000 | Annual variable compensation Amounts awarded in respect of the past financial year or accounting valuation 2,000,000 | Annual variable compensation Presentation Proportion of variable compensation: 62.22% Variable compensation to be paid in 2021 for financial year 2020: After assessing the performance for each of the criteria indicated below and in accordance with the compensation policy adopted by the previous Shareholders’ Meeting during the 2020 financial year, the Supervisory Board set the variable part of Arthur Sadoun’s compensation at euro 2,000,000 gross, the payment of which will be subject to the approval of the Annual General Shareholders’ Meeting of May 26, 2021 in its sixteenth resolution in accordance with article L. 22-10-34, II of the French Commercial Code. This amount results from the following facts and assessments shown below and in the table below. |
Multi-year variable compensation | Multi-year variable compensation Amounts paid in respect of the past financial year - | Multi-year variable compensation Amounts awarded in respect of the past financial year or accounting valuation - | Multi-year variable compensation Presentation N/A |
Exceptional compensation | Exceptional compensation Amounts paid in respect of the past financial year - | Exceptional compensation Amounts awarded in respect of the past financial year or accounting valuation - | Exceptional compensation Presentation N/A |
Stock options, performance shares or any other long-term benefit (warrants, etc.) | Stock options, performance shares or any other long-term benefit (warrants, etc.) Amounts paid in respect of the past financial year N/A | Stock options, performance shares or any other long-term benefit (warrants, etc.) Amounts awarded in respect of the past financial year or accounting valuation 865,800 | Stock options, performance shares or any other long-term benefit (warrants, etc.) Presentation This amount is the maximum annual valuation in the consolidated financial statements of performance shares awarded to Arthur Sadoun in 2019 under the LTIP 2019-2021 Directoire performance share plan as described in Section 3.2.1.4. In 2019, it was decided to grant him 60,000 shares subject to continued presence and performance conditions covering the period 2019-2021 (i.e. 20,000 shares subject to continued presence and performance conditions per year)(1). |
Other benefits | Other benefits Amounts paid in respect of the past financial year - | Other benefits Amounts awarded in respect of the past financial year or accounting valuation - | Other benefits Presentation N/A |
Indemnities when taking or leaving a function | Indemnities when taking or leaving a function Amounts paid in respect of the past financial year - | Indemnities when taking or leaving a function Amounts awarded in respect of the past financial year or accounting valuation - | Indemnities when taking or leaving a function Presentation No sum was awarded with respect to the past financial year. The severance payment described in Section 3.2.1.5 of this document that may be paid to Arthur Sadoun equates to one year’s total gross compensation (fixed part and variable part paid) calculated on the average of the last 24 months of compensation, subject to performance conditions, i.e. an estimated amount of euro 2,325,000. |
Non-compete agreement | Non-compete agreement Amounts paid in respect of the past financial year - | Non-compete agreement Amounts awarded in respect of the past financial year or accounting valuation - | Non-compete agreement Presentation No sum was awarded with respect to the past financial year. The non-compete payment described in Section 3.2.1.5 that may be paid to Arthur Sadoun is equivalent to two years of total gross compensation (fixed part and target variable part) calculated on the average of the last 24 months of compensation, i.e. an estimated amount of euro 6,000,000 (non-cumulative with a severance payment). |
Supplementary pension plan | Supplementary pension plan Amounts paid in respect of the past financial year - | Supplementary pension plan Amounts awarded in respect of the past financial year or accounting valuation - | Supplementary pension plan Presentation N/A |
Collective health and welfare insurance plans | Collective health and welfare insurance plans Amounts paid in respect of the past financial year 4,653 | Collective health and welfare insurance plans Amounts awarded in respect of the past financial year or accounting valuation 4,653 | Collective health and welfare insurance plans Presentation This is the employer’s contribution to the collective health |
Employment contract | Employment contract Amounts paid in respect of the past financial year No | Employment contract Amounts awarded in respect of the past financial year or accounting valuation No | Employment contract Presentation N/A |
Compensation by the company(ies) within the scope of consolidation as per article L. 233-16 of the French Commercial Code | Compensation by the company(ies) within the scope of consolidation as per article L. 233-16 of the French Commercial Code Amounts paid in respect of the past financial year - | Compensation by the company(ies) within the scope of consolidation as per article L. 233-16 of the French Commercial Code Amounts awarded in respect of the past financial year or accounting valuation - | Compensation by the company(ies) within the scope of consolidation as per article L. 233-16 of the French Commercial Code Presentation N/A |
(1) In accordance with the Company’s usual practice, performance share plans that are awarded every three years are broken down in thirds over the three years in which the performance is assessed.
