Cebu Air shareholders approve long-term incentive plan for employees

Shareholders of Cebu Air, the listed operator of budget carrier Cebu Pacific, approved on Wednesday the company’s long-term incentive plan for its employees, partly aimed at attracting and retaining key talents. Majority of the shareholders voted to approve the plan during the company’s annual stockholders meeting on Wednesday. “The plan is being established with the following objectives in mind: first, to foster ownership mentality among senior management; second, to drive performance and value creation; and third, to attract, retain and motivate key talents,” Cebu Air Corporate Secretary Anne Romadine P. Tieng said at the meeting. Under the incentive plan, eligible employees may be granted either restricted stock units or stock options. “Any plans of restricted stock units and stock options will be subject to an award agreement, which will contain the terms and conditions of the award,” Tieng said.<br/>