BUENOS AIRES, June 5, 2017 /PRNewswire/ -- Pampa Energía S.A.
('Pampa' or the 'Company'; NYSE: PAM; BCBA: PAMP) informs that,
with the objective of efficiently align the senior management
interests with the Company's shareholders and therefore, to create
value for them only if there is also value created for the
shareholders, on June 2, 2017 the
Board of Directors of the Company approved the execution of
compensation agreements with the Company's senior management,
Messrs. Marcelo Mindlin,
Gustavo Mariani, Damián Mindlin and
Ricardo Torres. The aforementioned
agreements mainly consider:
- An annual, variable and contingent compensation, in aggregated
basis, equivalent to 3% over the increase of Pampa's market
capitalization;
-
- For 2017 fiscal year, the calculation period began when the
compensation agreements were approved by the Board, last
Friday June 2;
- The annual cashable limit is set to 50% of the accrued amount
and 1.5% of the operating income before interests, taxes and other
non-cash items ('Adjusted EBITDA') of the period to be
remunerated;
- The amounts that were accrued but not paid by the Company will
be cashable by its beneficiaries only if at the moment of
realization Pampa's market capitalization is higher than the
maximum amount registered ('High-Water Mark' provision) and the
total annual amount to be disbursed by the Company does not exceed
1.5% of the Adjusted EBITDA registered in the remunerating year;
and
- The payment of the annual compensation will be subject to the
prior approval of the Shareholders' Meeting, to be held every
fiscal year.
The compensation agreements' guidelines were based on a report
prepared by Spencer Stuart, an
international well-known consulting firm specialized in the matter,
following domestic and United
States' standards.
Moreover, said agreements were subject to the prior
consideration of the Audit Committee, which ruled favorably
regarding its reasonability. The aforementioned Audit Committee
report is available to the shareholders, uploaded at the Argentine
Securities Commission ('CNV') website.
For further information, contact:
Gustavo Mariani –
Vice-President
Ricardo Torres –
Vice-President
Mariano Batistella –Planning,
Strategy and Affiliates Executive Director
Lida Wang – Investor
Relations Officer
Maipú 1, (C1084ABA), Buenos Aires,
Argentina
Phone: +54 (11) 4344 6000
http://www.pampaenergia.com/ir
investor@pampaenergia.com
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SOURCE Pampa Energia S.A.