Tim Hortons CEO Receives C$1 Mln Bonus After Burger King Deal

10-Dec-2014 - USA

Canadian quick service restaurants operator Tim Hortons Inc.'s (THI, THI.TO) President and Chief Executive officer Marc Caira will get a discretionary bonus of C$1 million following proposed acquisition by Burger King Worldwide Inc. (BKW). 

In light of this extraordinary performance and substantially increased workload, the Human Resource and Compensation Committee of the Company's Board of Directors awarded a discretionary bonus under the Company's Executive Annual Performance Plan to Ms. Cynthia Devine, the Company's Chief Financial Officer, in the amount of C$500,000, Tim Hortons said. 

The Committee determined that the amounts awarded to the executive officers, and proposed to the Board for Caira, reflected the strong Company performance that was achieved by these officers while they were concurrently responsible for the transaction, were within the range of market data for bonuses awarded in similar circumstances, and reflected the significant contributions of each executive officer relative to each other, as well as other employees the Company. 

Frank Iacobucci, Lead Director of the Board, was awarded a special recognition bonus in the amount of C$100,000. This award was made in recognition of his key Board leadership role as Lead Director, having successfully guided the Board and its committees through a number of significant matters over his tenure, most notably of late, his workload and contributions in furtherance of the arrangement agreement with Burger King Worldwide and the significant, related Board and management activities. 

Burger King in late August agreed to acquire Tim Hortons in a cash and stock deal reportedly valued at about $11.4 billion to create a combined entity that will be publicly-listed and headquartered in Canada.(dpa)

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