PATRIZIA SE: Asoka Wöhrmann, CEO Designate of PATRIZIA SE plans entrepreneurial investment in PATRIZIA shares – shareholders to approve adjusted remuneration system
PATRIZIA SE / Key word(s): AGM/EGM/Investment
Asoka Wöhrmann, CEO Designate of PATRIZIA SE plans entrepreneurial investment of up to EUR 3 million in PATRIZIA shares via newly established “Shareholder Value Long-Term Incentive (SVL)”– shareholders to approve adjusted remuneration system
The Board of Directors of PATRIZIA SE will soon publish an adjusted remuneration system for the Company and provides an adjusted agenda item 11 of the invitation for the PATRIZIA SE annual general meeting (AGM) taking place on 25 May 2023 accordingly. The invitation was initially published in the Federal Gazette on 13 April 2023.
As part of the appointment of the CEO Designate, the Board of Directors approved an additional long-term incentive element - “Shareholder Value Long-Term Incentive (SVL)” - to be granted to Asoka Wöhrmann, pending shareholder approval of the adjusted remuneration system.
To be eligible for the full participation in the SVL, Asoka Wöhrmann is required to personally invest up to EUR 3 million in PATRIZIA shares in the coming months (share purchase via the market), once shareholder approval has been granted at the 2023 AGM. Asoka Wöhrmann has committed to the Board of Directors to fully participate in the SVL.
The SVL consists of a performance and vesting period of 5 years and an additional holding period of 3 years. Besides the personal investment in PATRIZIA shares, achievement of ambitious business targets and shareholder value targets are prerequisites for a payout.
The ambitious business targets for the CEO Designate are linked to the long-term achievement of absolute EBITDA levels or the level of recurring revenues. The ambitious shareholder value targets are linked to the performance of PATRIZIA shares (minimum threshold of EUR 26.25 share price and maximum of EUR 60.00, with payout further capped at a share price of EUR 80.00) and the capital markets valuation in form of an EBITDA multiple target (minimum threshold of 14x and maximum of 20x).
The maximum remuneration for the CEO Designate in the adjusted remuneration system – excluding the SVL – has been set at EUR 8 million. Due to the ambitious target setting with subsequent upside to the CEO Designate, the maximum potential remuneration for the CEO Designate – including the SVL - has been set at EUR 50.0 million in the adjusted remuneration system of the Company, which consists of a maximum potential one-time payout ceiling assumed for the SVL in case of 200% target achievement (capped at a share price of EUR 80.00), and reflects the significance of the potential maximum attainment of the CEO Designate in delivering the ambitious business targets over the 5-year performance period.
Achievement of the maximum remuneration would subsequently create significant shareholder value for all shareholders with the share price of the Company required to grow more than eightfold from today’s levels during the performance period for the maximum payout to be reached.
21-May-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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