Compensation / terminationMaybe we will have more details on the reasons Simon Britt is no longer the CEO of GMA. Is it a resignation, a termination, he left for personal reasons? In the meantime, here is what I found in last year shareholder's circular dated august 26, 2014 (please see Sedar) for Simon's Britt compensation if GMA terminates Simon's employment contract without cause or with a termination notice of less than 24 months (p.18) :
Termination and Change of Control Benefits
On June 27, 2013, the Corporation entered into an employment agreement with Simon Britt as President and Chief Executive Officer of the Corporation. This employment agreement formalized the employment arrangement with Mr. Britt that was entered into when he was appointed Chief Executive Officer and states among other things, the base salary and provides for, in the event that the employment is terminated without cause and if the Corporation gives Mr. Britt a notice of termination of less than 24 months, an indemnity equal to 12 months’ base salary (excluding an amount that is equivalent to all cash bonuses paid to Mr. Britt in the previous 12 months), payable within 5 days of the termination date. Such indemnity represents an amount $185,000 for the financial year ended May 31, 2013. The agreement further provides for, in the event of a change of control, an indemnity paid in a lump sum equal to 24 four months’ base salary plus an amount that is equivalent to all cash bonuses paid in the 24 months prior to the change of control, payable within 10 days of the election date and which represents, for the financial year ended May 31, 2014, an amount of $370,000.