RBD
28/07/2014 12:00
GENERAL
REL: 1200 HRS Restaurant Brands New Zealand Limited
GENERAL: RBD: Long Term Incentive Scheme - CEO
28 July 2014
NZX
RESTAURANT BRANDS ANNOUNCES LONG TERM INCENTIVE SCHEME FOR CEO
The Board of Restaurant Brands New Zealand Limited (NZX: RBD) has recently
completed a review of the remuneration package of the company's Chief
Executive Officer, Russel Creedy. Following this review the Board has decided
to put in place a Long Term Incentive Scheme for him that is contingent on
his delivering improved shareholder value.
Under the terms of the scheme if, in the two year period commencing on 25
July 2015, Restaurant Brands' closing share price is at or exceeds $4.00 for
40 consecutive trading days Mr Creedy will be paid a one-off, $1 million net
cash bonus. The current share price is $3.14.
Mr Creedy will also be entitled to payment of the bonus if a full takeover
offer (or analogous transaction) is successful at or above $4.00 per share
during the two year assessment period.
Subject to certain exceptions, Mr Creedy must remain as CEO for at least six
months after the share price target is achieved or takeover offer succeeds in
order to be eligible for the bonus.
The Board may exclude or adjust closing share prices if it considers it
necessary to do so in order to fairly and equitably address any exceptional
or unusual circumstances. In addition, the Board must make any adjustments to
the Scheme which it considers necessary to fairly and equitably take into
account certain corporate actions such as variations to Restaurant Brands'
share capital and material business acquisitions or sales.
The Long Term Incentive Scheme is in addition to Mr Creedy's usual
remuneration package.
For further information, please contact:
Grant Ellis
CFO/Company Secretary
Phone: 09 525 8700
End CA:00253177 For:RBD Type:GENERAL Time:2014-07-28 12:00:04
