VEON's CEO Receives Conditional Award
VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON) has been making headlines as a leading global digital operator, known for a variety of connectivity and online services. Recently, the company shared an important update about its Group Chief Executive Officer, Kaan Terzioglu, who has received a conditional incentive award as part of the company’s 2021 Long Term Incentive Plan (LTIP).
Details of the Award
Kaan Terzioglu was awarded the Conditional Award on January 10, 2024. This consisted of 3,201,250 common shares in VEON Ltd, which would depend on his meeting specific performance targets. The good news is that these benchmarks were achieved, enabling the award to vest on July 30, 2024. According to the original agreement, the corresponding shares were scheduled to be transferred to Mr. Terzioglu within 30 days following this vesting date.
Settlement Terms and Structure
Due to the current unavailability of securities registered under Form S-8, VEON and Mr. Terzioglu mutually decided to revise the terms of the Conditional Award. This resulted in a structured settlement that includes both cash and equity components. Here’s what the settlement involves:
- Cash Payment: Mr. Terzioglu will receive a gross cash payment of USD 500,000 in August 2024.
- Equity Payment: A transfer of 2,729,000 common shares (equivalent to 109,160 ADSs) is planned to be completed by August 31, 2025. While Mr. Terzioglu will be recognized as the beneficial owner of these shares as of September 10, 2024, direct ownership won’t take place until the transfer occurs in 2025, in line with selling restrictions.
These payments represent a complete and final settlement of the Conditional Award, reflecting all applicable tax obligations and legal deductions.
VEON's Impact in the Digital Space
As a digital operator, VEON provides a blend of connectivity and digital services to nearly 160 million customers worldwide. Operating across six countries, the company serves areas that account for over 7% of the global population. VEON’s mission centers on improving lives through technology-driven services that not only empower individuals but also foster broader economic growth.
VEON's Growth and Innovations
Headquartered in Amsterdam, VEON is publicly traded on both Nasdaq and Euronext. The company is dedicated to expanding its digital presence while offering innovative solutions tailored to the changing needs of today’s users. As VEON navigates the rapid digital evolution, initiatives like the Conditional Award underscore the company’s commitment to recognizing leadership that propels significant growth.
Frequently Asked Questions
What is the Conditional Award given to Kaan Terzioglu?
The Conditional Award is an incentive linked to specific performance goals, totaling 3,201,250 common shares in VEON Ltd.
What are the terms of the settlement for the Conditional Award?
The settlement features a gross cash payment of USD 500,000, along with a subsequent equity payment that includes a transfer of common shares by mid-2025.
How does VEON support its customers?
VEON delivers a range of connectivity and digital services to nearly 160 million customers across various countries.
When is the equity payment scheduled to be completed?
The equity transfer is expected to finalize no later than August 31, 2025.
What is VEON's market presence?
VEON operates in six countries, reaching regions that encompass more than 7% of the global population, strengthening its role in the telecommunications industry.
