Financial Terms of Yannick Assouad
Latécoère (hereafter the ”Company”)
(Paris:LAT) discloses hereafter the financial terms relating to
Yannick Assouad’s departure, following the meeting of the Board of
Directors dated March 17,2019 which decided Yannick Assouad’s
dismissal from his position as Chief Executive Officer of the
Company with effect dated March 17,2019.
Following the recommendation of the Appointments and
Compensation Committee, the Board of Directors decided the
following (in addition to the 2019 variable compensation decided by
the Board of Directors on March 6, 2020 and which will be submitted
to the 2020 shareholders’ meeting):
Mrs. Yannick Assouad fixed compensation of 550.000 EUR would be
paid pro rata temporis until the date of termination of her
It is reminded that, pursuant to the decision taken by the Board
of Directors on March 6, 2020, Mrs. Yannick Assouad 2020 variable
compensation is composed with financial objectives and individual
Given the date of departure, which would take place in the
beginning of the year 2020, the Board of Directors decided not to
allocate any variable compensation to Mrs. Yannick Assouad with
respect to 2020.
It is recalled that Mrs. Yannick Assouad benefits from a
severance payment, equal to 18 months of the gross compensation
(fixed, variable and benefits in kind) received during the fiscal
year preceding the departure, subject to performance condition.
It is reminded that Mrs. Yannick Assouad has received during
- EUR 550,000 for her fixed compensation;
- EUR 300,905 for her variable compensation;
- EUR 36,699.29 for benefits in kind (composed of EUR 4,421.93
for company vehicle and EUR 32,277.36 for GSC guarantee).
On this basis, Mrs. Yannick Assouad is entitled to receive EUR
1,331,406.44 subject to performance condition. Performance is
measured by assessing if the Company has recorded positive
consolidated net income, adjusted for the change in fair value of
financial instruments, during one of the Company's two consecutive
fiscal years preceding the fiscal year in which Mrs. Yannick
Assouad ceases her functions. This condition performance is met
with respect to 2018.
Consequently, the Board of Directors decided to award a
severance package to Mrs. Yannick Assouad for a total amount of EUR
It is recalled that Mrs. Yannick Assouad does not benefit from
an indemnity relating to a non-competition clause as part of the
terms of her corporate mandate.
Finally, with regard to the performance shares granted to it
should be acknowledged that Mrs. Yannick Assouad will retain the
rights attached to the performance shares already vested (e.g.
321,278 performance shares granted to her with respect to the third
tranche of the performance share plan dated September 22, 2015
(amended on May 19, 2017) and to the first tranche of the
performance share plan dated January 16, 2018)1.
It should also be acknowledged that the presence condition
relating to the 44,500 performance shares granted to her with
respect to the second tranche of the performance share plan dated
January 16, 2018 which are not yet vested is already satisfied in
accordance with the terms of the plans and that Mrs. Yannick
Assouad will retain the rights attached to these shares which will
vest according to the terms of the relevant plans.
All other benefit in kind granted to Mrs. Yannick Assouad will
be terminated immediately.
It is recalled that if the GSC guarantee from which Yannick
Assouad benefits was to provide for a waiting period between the
date of her departure and the date when she can benefit from an
indemnity under the GSC guarantee, the Company would pay her an
indemnity corresponding to the amount to which she would have been
entitled under said GSC if it was applicable immediately as from
her departure date and until the end of said waiting period.
In addition, if, given the circumstances of the termination of
her duties as Chief Executive Officer and her departure from the
Group, the GSC guarantee from which Yannick Assouad benefits were
to not apply, the Company would pay her a specific indemnity
corresponding to the amount to which she would have been entitled
under said GSC guarantee up to a maximum amount of one hundred and
fifty thousand euros (€150,000) per year. This specific indemnity
shall be cumulated, where applicable, with the severance package
This information is established and posted on the Company's
website (https://www.latecoere.aero/), notably in accordance with
articles L.225-42-1 and
Latécoère is a tier 1 partner to major international aircraft
manufacturers (Airbus, Embraer, Dassault, Boeing and Bombardier),
in all segments of the aeronautical market (commercial, regional,
corporate and military aircraft), specializing in two fields:
- Aerostructures (58% of total revenue): fuselage sections and
- Interconnection systems (42% of total revenue): onboard wiring,
electrical harnesses and avionics bays.
At 31 December 2019, Latécoère employed 5,187 people in 13
different countries. Latécoère, a French corporation (société
anonyme) with capital of €189,637,036 divided into 94,818,518
shares with a par value of €2, is listed on Euronext Paris -
Compartment B. ISIN codes: FR0000032278 - Reuters: LAEP.PA -
1 It being specified that 71,278 of these shares remain subject
to a holding period expiring on March 5, 2021 per the terms and
conditions of the relevant performance shares plans.
version on businesswire.com: https://www.businesswire.com/news/home/20200318005216/en/
Latécoère Michel Abaza Chief Financial Officer +33 (0)5
61 58 77 00 email@example.com
Taddeo Pierre-Jean Le Mauff / Media Relations Tel. : +33
(0)7 77 78 58 67 firstname.lastname@example.org
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