The primary objective of remuneration at Lifeline SPAC I is to encourage and reward the management for work that is in line with the company’s strategy at a given time and for compliance with the set rules, as well as to motivate them to strive for the success of the company and foster their commitment to the company’s long-term goals.
Lifeline SPAC I has a Remuneration Policy, which will be presented for the first time to the Annual General Meeting to be held in 2022.
Board of Directors
In accordance with the Limited Liability Companies Act and the company’s Articles of Association, Board member remuneration is decided by the shareholders in the Annual General Meeting.
The shareholders of the company have made a unanimous decision on September 28, 2021 that the Chair of the company’s Board of Directors be paid an annual remuneration of EUR 15,000 and each member of the Board an annual remuneration of EUR 10,000.
CEO and the Management Team
The Board of Directors of the company decides on the salary, remuneration and other benefits of the CEO and the rest of the Management Team. The remuneration of the company’s CEO consists solely of a fixed monthly salary. The CEO’s salary is EUR 12,000 per month.
In accordance with the terms of the company’s CEO’s contract, the CEO is obligated at the request of the Board of Directors of the company to have all his shares and securities entitling to shares (other than series A shares) redeemed by the company or to sell all of his shares to a buyer nominated by the Board of Directors of the company in the event the service relationship of the CEO is terminated by the CEO on his own initiative prior to the completion of the acquisition. If the company does not use its right to redeem the shares or nominate a buyer, each other shareholder of series B shares is entitled to purchase the shares held by the CEO.
The company has entered into an employment contract with the CFO, in accordance with which the remuneration of the company’s CFO consists solely of a fixed monthly salary. The CFO’s salary is EUR 9,000 euros per month.
The company’s CFO’s contract includes a provision corresponding to the CEO’s contract for having all shares and securities entitling to shares (other than series A shares) redeemed and sold in the event the employment of the CFO is terminated by the CFO on his own initiative prior to the completion of the acquisition.