Hikma Pharmaceuticals PLC (“Hikma”) announced earlier today that Siggi Olafsson has resigned as Chief Executive Officer and from Hikma’s Board of Directors. As required by section 430(2B) of the Companies Act 2006, details of the remuneration payments made to or to be made to Siggi Olafsson are set out below.
24 May 2022
1. Salary and benefits
Siggi will continue to receive his normal remuneration in terms of basic salary, car allowance, pension contribution and benefits, in accordance with his service agreement, up to and including 24 June 2022, when his employment will cease (the “Termination Date”).
Siggi will receive a payment of $65,037.28 (less all necessary deductions) in lieu of any accrued but untaken holiday entitlement as at the Termination Date (less all necessary deductions), calculated and paid in accordance with his service agreement.
Siggi will receive tax equalisation benefits in respect of the UK tax years ending on 5 April 2022 and 5 April 2023 on the same terms and subject to the same conditions as these benefits were provided during his employment.
2. Bonus and share awards
No bonus will be payable to Siggi in relation to Hikma’s financial year ending 31 December 2022 or any subsequent financial year.
All Siggi’s unvested share awards will lapse on the Termination Date and no further share awards will be granted.
3. Further information
No other remuneration payment or payment for loss of office is being made.
The relevant remuneration details relating to Siggi Olafsson will be included in the Directors’ Remuneration Report in the Annual Report and Accounts for the year ended 31 December 2022.
In accordance with section 430(2B) of the Companies Act 2006, the information contained in this document will be made available on Hikma’s website until its next Directors' Remuneration Report is made available.