7. Previous and discontinued compensation plans
Management Equity Plan (“MEP”)
In 2015, when SIG was acquired by Onex, a Management Equity Plan (“MEP”) was established for selected managers of SIG. The purpose of the MEP was to enable eligible managers to participate in the value creation of the Company. It was intended to generate returns to the eligible managers upon liquidity events. The shares in the Company were held by the managers via two limited liability partnerships. In accordance with the plan regulations, management exercised their right to withdraw from the management equity plan in the first half of 2020. The shares were distributed to the participants into direct ownership. With these transactions the MEP was closed in May 2020.