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Hilversum, Netherlands, March 30, 2023 /PRNewswire/ — Universal Music Group NV (EURONEXT: UMG) today announced that its Board of Directors has extended the involvement of UMG’s Chairman and Chief Executive Officer, Mr. Sir. Lucian Grange Until then May 1, 2028.
“UMG is one of the most successful music companies in the world, and incredible opportunities lie ahead for any company with the right leadership and vision. Sherry Lansing, Chairman of the Board of UMG. “UMG’s Board of Directors is resolutely committed to transforming these opportunities and maximizing shareholder value over the long term. Only the right kind of CEO can help achieve that goal. Through his clear vision and strong execution, Lucien has made UMG a leader in the industry while creating a essentially new category of music company.This deal. aims to drive both UMG’s sustainable success and long-term shareholder value.”
The extended and amended agreement will move Grainge from an all-cash compensation package to a combination of stock and cash, with broader performance-based goals that align with shareholder interests and address the company’s long-term performance. and stock-based compensation programs. – Long-term growth strategy.
To ensure that the reward program is aligned with the interests of shareholders, a significant portion of the economic value of the reward package is paid in UMG stock and UMG performance-based stock options.
Under the new contract, Grange’s salary will be reduced to more than two-thirds of his current salary. $5 millionSubject to the achievement of performance standards, he is eligible to receive a target annual bonus $10 millionEBITA bonuses from previous employment contracts have been abolished and Grainge is only entitled to conditional bonuses under previous employment contracts. proportionately basics up to March 31st2023.
The equity component of the program includes an annual grant. $20 million, consisting of up to 50% Performance Share Units (PSU), with an annual PSU target set by the Board of Directors, and the remainder consisting of Restricted Share Units (RSU). As part of a long-term incentive plan, Grainge will receive his one-time transitional stock award. $100 millionOf this, 50% will be in the form of RSUs and 50% will be in the form of Performance Stock Options (PSOs). PSO is the company’s share price hurdle (1/3rd € 26.50 plus 1/3rd 1/3 for €30.00rd €38.00) within the contract termination period May 1, 2028.
The size of the potential equity grant was previously disclosed and in UMG’s 2022 Global Equity Plan and UMG’s Executive Director Compensation Policy as voted on by shareholders at UMG’s 2022 Annual General Meeting. within the parameters of
Align Grainge’s tenure as Executive Director, Chairman and CEO of UMG with the term of his extended employment agreement. May 1st. May 1, 2028For more information on this proposal (and the proposals below), please see the Investor Relations section of the UMG website (https://investors.universalmusic.com/).
The Board also plans to seek approval at UMG’s 2023 Annual Meeting for Grainge’s new compensation to supplement UMG’s existing executive director compensation policy.
A detailed discussion of UMG’s compensation program and the use of equity and performance-based compensation, including the shareholder-approved Global Equity Plan for 2022, can be found on the UMG website (https://investors.universalmusic.com). Available in the home information section. /) Included in the remuneration report in our annual report to shareholders.
About Universal Music Group
At Universal Music Group (EURONEXT: UMG), we exist to shape culture through the power of the arts. UMG is a global leader in music-based entertainment, with a wide range of businesses engaged in recorded music, music publishing, merchandising and audiovisual content. With the most comprehensive catalog of recordings and songs in every musical genre, UMG identifies and develops artists to produce and distribute some of the world’s most acclaimed and commercially successful music. Committed to artistry, innovation and entrepreneurship, UMG fosters the development of services, platforms and business models to expand artistic and commercial opportunities for artists and create new experiences for fans. For more information on Universal Music Group NV, please visit www.universalmusic.com.
contact address
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James Murtaugh-Hopkins – [email protected]
Investor
Erica Begun – [email protected]
Notes
This press release is published by Universal Music Group NV and contains internal information within the meaning of Article 7(1) of Regulation (EU) No 596/2014 (Market Abuse Regulation).
Forward-Looking Statements
This press release may contain forward-looking statements regarding UMG’s financial condition, results of operations, business, strategies and plans. Such forward-looking statements may include words such as “expected earnings”, “anticipates”, “estimates”, “expects”, “anticipates”, “should”, “intends”, “plans”, “could”, etc. They may be identified by their use of words. “,” “risk”, “goal”, “goal”, “objective”, “will”, “effort”, “optimistic”, “outlook”, “outlook” and similar expressions or variations of such expressions. UMG believes such forward-looking statements are based on reasonable assumptions, but does not guarantee future performance. Actual results may differ materially from such forward-looking statements as a result of a number of risks and uncertainties. Many of them relate to factors beyond UMG’s control, including, but not limited to, UMG’s inability to achieve and identify competitive success. , attracting, signing and retaining successful recording artists and songwriters; failure or slower than expected streaming and subscription adoption or revenue growth; UMG’s reliance on digital service providers; UMG’s business strategy; UMG’s global nature of operations; UMG’s failure to protect its intellectual property and protect it from piracy; UMG’s failure to attract and retain key talent; changes in laws and regulations and other risks described in . Accordingly, UMG cautions readers not to place undue reliance on such forward-looking statements. Such forward-looking statements are made as of the date of this press release. UMG disclaims any intention or obligation to provide, update or revise such forward-looking statements as a result of new information, future events or otherwise.
Source Universal Music Group NV
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