TIDMGLO

RNS Number : 9180V

ContourGlobal PLC

12 August 2022

ContourGlobal plc

Long Term Incentive Plan (LTIP): Performance measures and targets for 2022

In line with our Directors' Remuneration Policy, the President & CEO and Chief Financial Officer will be granted performance share awards under the LTIP of 100% and 200% of base salary, respectively, in 2022.

At the time of sign-off of the Annual Report & Accounts, the Remuneration Committee was still in the process of reviewing LTIP performance measures and targets to ensure these remained appropriate. Following this review, it was determined that the Adjusted EBITDA per share growth target would be replaced with a three-year absolute Adjusted EBITDA target (50% weighting).

LTIP awards granted in 2022 will therefore vest subject to achievement of the following performance conditions. Vesting is calculated on a straight-line basis between the points shown for the Health and Safety and Growth performance conditions .

 
                 Health and       Growth - Internal 
                  safety           Rate of Return 
                  Lost time        (IRR) (1) 
                  incident rate 
 Weighting       25%              25% 
                ---------------  ------------------- 
 
 100% Vesting    Zero             IRR for qualifying 
                                   projects met 
                ---------------  ------------------- 
 25% Vesting     0.09             IRR for qualifying 
                                   projects at 90% 
                ---------------  ------------------- 
 0% Vesting      Above 0.09       IRR for qualifying 
                                   projects below 
                                   90% 
                ---------------  -------------------

1. Qualifying projects means such projects approved by the Board during the performance period and in respect of which the Board has specified a target IRR for the performance period.

The underlying targets for the Adjusted EBITDA performance condition (50% weighting) will not be disclosed at this time in light of the recommended cash acquisition by Cretaceous Bidco Limited (a newly formed company indirectly owned by funds advised by Kohlberg Kravis Roberts & Co. L.P. and its affiliates), which is subject to regulations under the UK Takeover Code.

As a leading global platform of contracted Thermal and Renewable power generation, the Committee considers the importance of environmental, social and governance (ESG) measures in driving sustainable growth. The performance condition above continues to include Health & Safety as a key ESG measure for ContourGlobal.

LDC Nominee Secretary Limited

Company Secretary

12 August 2022

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August 12, 2022 11:37 ET (15:37 GMT)

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