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Executive Directors' Service Contracts
Date of Contract
Term
Notice period by
Company
Manssour Aboukhamseen
7 June 2006
Three years, Post 3
years, Annual Rolling
Contract
90 days
Sara Akbar
7 June 2006
Three years, Post 3
years, Annual Rolling
Contract
90 days
Employee Incentive Scheme
The objectives of the Employee Incentive Scheme (EIS) are to reward Kuwait Energy’s employees for sustained good
performance and to reward for both short and medium term business objectives by a combination of cash and share
rewards.
While the focus of the scheme will be on annual performance, the scheme is designed in such a manner that the ‘Share
benefits’ pass on to the participants only in a staggered manner during a three year period.
Eligibility
This scheme is applicable to all employees of the Kuwait Energy group. Where the employee has joined before 1st
October of a given year, he/she may be deemed eligible for a pro-rated amount of shares as per the scheme in effect
that year.
Employees who have joined on or after 1st October will not be eligible for shares for that given sub-scheme.
Annual Incentive Entitlement
40% of the incentive entitlement will be paid out in cash as annual incentive and 60% will be converted into shares at
the fair value (if the Company is not listed) or market price (after listing).
The EIS shares will not be eligible for dividends or bonus shares until the shares have vested. The allocated EIS shares will
vest in a staggered manner as follows -
30%, 30%, and 40% shares after 1,2, and 3 years respectively
Beginning of dawn
