VEON Announces Vesting of Conditional Award to Group CEO Kaan Terzioglu
September 12 2024 - 3:00AM
Amsterdam, 12 September 2024 – VEON Ltd. (NASDAQ: VEON,
Euronext Amsterdam: VEON), a global digital operator that provides
converged connectivity and online services, announces the vesting
of a conditional incentive award (the “Conditional Award”)
to its Group Chief Executive Officer, Kaan Terzioglu. This
Conditional Award was made under VEON's 2021 Long Term Incentive
Plan (“LTIP”).
Award Details and Vesting Conditions
On 10 January 2024, Kaan Terzioglu was granted a
Conditional Award under the LTIP, comprising 3,201,250 common
shares in VEON Ltd and subject to performance targets. The
performance targets set out in the award agreement have been
successfully met, resulting in the vesting of the award on 30 July
2024. Under the original terms, the common shares under the
Conditional Award were scheduled to be released to Mr. Terzioglu
within 30 days of vesting.
Settlement Terms
Due to VEON’s current lack of available
securities registered under Form S-8, the Company and Mr. Terzioglu
have agreed to amend the terms of the Conditional Award to provide
a structured settlement, which includes both cash and equity
components:
- Cash Payment: A gross cash payment of USD 500,000 was
made to Mr. Terzioglu in August 2024; and
- Equity Payment: A transfer of 2,729,000 common shares
(equivalent to 109,160 ADSs) will be completed by no later than
August 31, 2025. As of 10 September 2024, Mr Terzioglu is the
beneficial owner of such shares but will not hold the shares
directly until the transfer in 2025 to ensure compliance with the
selling restrictions applicable to the shares.
These payments will be made as full and final
settlement of the award, with applicable deductions for any tax
liabilities and any other deductions required by law. About
VEON VEON is a digital operator that provides converged
connectivity and digital services to nearly 160 million customers.
Operating across six countries that are home to more than 7%
of the world’s population, VEON is transforming lives through
technology-driven services that empower individuals and drive
economic growth. Headquartered in Amsterdam, VEON is listed
on Nasdaq and Euronext. For more information
visit: www.veon.com.
Disclaimer
This release contains “forward-looking
statements,” as the phrase is defined in Section 27A of the U.S.
Securities Act of 1933, as amended, and Section 21E of the U.S.
Securities Exchange Act of 1934, as amended. Forward-looking
statements are not historical facts, and include statements
relating to timing of the awards described above. Forward-looking
statements are inherently subject to risks and uncertainties, many
of which VEON cannot predict with accuracy and some of which VEON
might not even anticipate. The forward-looking statements contained
in this release speak only as of the date of this release. VEON
does not undertake to publicly update, except as required by U.S.
federal securities laws, any forward-looking statement to reflect
events or circumstances after such dates or to reflect the
occurrence of unanticipated events. There can be no assurance that
the initiatives referred to above will be successful.
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