Credem’s Board of Directors approved the proposal of the Remuneration Committee regarding the agreement for the conclusion of the employment relationship of General Manager Nazzareno Gregori for retirement, within the framework of succession approved on 04.08.2022.
The agreement with Nazzareno Gregori provides for the recognition of an amount by way of consideration for the non-competition agreement already in place, lasting two years from the date of termination of the relationship (31.01.2023), with the obligation not to carry out any activity in the insurance, financial and credit intermediation sectors, equal to 495,000 euros gross, of which 475,000 will be disbursed in cash and up-front. The remainder will be paid upfront and partly in deferred form over 5 years; the amounts will be partially recognized in Credito Emiliano ordinary shares; all in accordance with the procedures detailed in the current Remuneration Policy of the Credito Emiliano Group for the payment of variable remuneration to the top risk takers of the Group;
The payment of € 925,000 gross against the termination of the employment relationship at 31.01.2023 is also envisaged by way of severance pay, partly upfront and partly deferred over 5 years; the amounts will be partially recognized in Credito Emiliano ordinary shares; all in accordance with the procedures detailed in the current Remuneration Policy of the Credito Emiliano Group for the payment of variable remuneration to the top risk takers of the Group;
Finally, an amount of 725,000 euros gross to absorb the 2022 reward systems contracted and in place for the activities rendered.