Photo Credit: Trendy Track Group
UMG retreads Lucian Grainge’s contract by Would possibly most likely additionally 1, 2028, with a gigantic salary nick — and worthy bigger upside performance and stock incentives.
Trendy Track Group announced the extension of chairman and CEO Lucian Grainge’s contract by Would possibly most likely additionally 1, 2028. The amended agreement transitions Grainge from an all-cash compensation kit to a combination of equity and cash. Many of the kit’s ticket is paid in UMG equity and performance-based stock alternatives.
“UMG is the arena’s most worthwhile tune firm, and there are unattainable opportunities forward for a firm with the honest management and vision,” says Sherry Lansing, UMG’s Chairman of the Board. “The UMG Board is resolutely dedicated to changing these opportunities and maximizing shareholder ticket for the long sprint. Handiest the honest originate of chief govt can abet execute that purpose, and Lucian is completely the one to realize it.”
“Through his certain vision and strong execution in constructing UMG into the commerce leader, Lucian has additionally if truth be told created a sleek category of tune firm. This agreement is designed to pressure each the sustainable success of UMG and long-term shareholder ticket.”
Below the sleek agreement, Grainge’s salary will gaze a two-third reduction from his fresh salary — all the blueprint down to $5 million. He’s going to additionally be eligible for an annual bonus with a purpose of $10 million, topic to the achievement of performance criteria. The EBITA bonus from Grainge’s prior employment agreement is moot; he’s handiest entitled to the contingent bonus below his previous employment agreement on a talented-rata foundation by Q1 2023.
The equity ingredients of this blueprint encompass annual grants of $20 million comprised of as much as 50% Performance Share Devices (PSUs) with yearly objectives establish by the board of directors. The the rest is comprised of Restricted Share Devices (RSUs).
The announcement adds that the scale of the aptitude equity grant falls internal the parameters previously disclosed and voted on by shareholders at UMG’s 2022 Annual Overall Meeting in the firm’s 2022 Global Equity Notion and UMG’s Executive Directors Remuneration Protection. The board will additionally mark approval at UMG’s 2023 Annual Overall Meeting for a supplement to the novel Executive Directors Remuneration Protection concerning Grainge’s sleek remuneration.