2021-2023 Sustainability Plan and Financial Performance
CEO remuneration
Termination agreements
Pro rata
temporis rule
1.
2.
Severance
payment
Non
competition
agreement
enel
In case of misalignment between the performance period of the 2021 LTI plan and the
term of office of CEO/GM, due to the expiry of its mandate without renewal, a "pro rata
temporis" rule for compensation was confirmed¹
It was confirmed a severance payment equal 2 years of fixed compensation payable
only in the event of:
revocation or non-renewal of the CEO/GM without just cause;
resignation of the CEO/GM due to a just cause
No severance payment is provided for in cases of variation in Enel's ownership structure
(so called "change of control" provision)
It was confirmed the grant by the CEO/GM to the Company, for a consideration equal to
Euro 500,000 (payable in three yearly installments), of the right to activate a non-
competition agreement, upon termination of directorship and executive relationship
Should the Board of Directors exercise such option right, the agreement refrains the
CEO from carrying out activities in competition with the Enel Group, for a period of
one year and within specific Countries², for a consideration equal to a maximum amount
of 3,300,000 €
Specifically, in the event of expiration of directorship relationship without simultaneous renewal of the same - and, therefore, in the event of automatic termination also of the executive relationship
- before the LTI 2021 performance period conclusion, it is provided that the CEO/GM shall maintain the right to the assignment of the accrued incentive, based upon the level of achievement of 188
the performance objectives provided under the Plan, and that the final assessment of the incentive will be made pro rata temporis until the date of termination of the directorship and executive
relationship
Namely in the following Countries: Italy, France, Spain, Germany, Chile and BrazilView entire presentation