Business
Amendment to Executive Director Service Terms
Amendment to Executive Director Service Terms.
About this update from Emv Capital Plc
[{"type":"text","content":"\n \nRNS Number : 5200I NetScientific PLC 26 November 2018 \n\nNetScientific plc\nAmendment to Executive Director Service Terms\nLondon, UK - November 26, 2018 - NetScientific plc (\"NetScientific\" or the \"Company\", AIM:NSCI), the transatlantic healthcare IP commercialisation Company, announces that, in light of the Company's formal sale process announced earlier today, the Company has, as approved by its remuneration committee, amended the service terms of François Martelet (CEO) and Ian Postlethwaite (CFO) (the \"Executive Directors\") in order to incentivise these individuals to remain as Directors and employees of the Company throughout that process.\nUnder the amendment to their respective service terms, each Executive Director will, assuming completion of a transaction at the end of the formal sale process (a \"Transaction\"), receive a bonus, in addition to his existing entitlements, equal to 50 per cent. of his annual salary in the event that:\n1. he receives notice of termination of employment by reason of redundancy at any time within three months of the completion of any Transaction; \n2. he has not given notice of resignation from his employment, howsoever arising, prior to the receipt of the notice of termination referred to above; and\n3. upon the termination of his employment, he enters into a settlement agreement on terms acceptable to the Company.\nFor the purposes of this amendment to the Executive Directors' service terms, completion of the Transaction means the conclusion, by whatever means, of the acquisition of (i) the Company or (ii) the Company's interest in the majority of its portfolio companies.\nThe bonuses payable to François Martelet and Ian Postlethwaite would amount to £123,600 and £103,000, respectively, based on current salary. The amendments to their service terms represent related party transactions in accordance with AIM Rule 13. The Independent Directors, being each of the Directors of the Company other than the Executive Directors, consider, having consulted with the Company's nominated adviser, that the terms of the amendments are fair and reasonable insofar as shareholders are concerned.\nCommenting on the above, Sir Richard Sykes, Chairman of the Remuneration Committee, stated: \n\"We believe that to achieve the best outcome for our share...