16/12/2020
S430 Announcement
Section 430 (2B) Companies Act Statement – Steve Whittern
As announced to the London Stock Exchange on 14 December 2020, Steve Whittern stepped down from the Board as Finance Director with immediate effect.
The following information is provided in accordance with section 430 (2B) of the Companies Act 2006.
In accordance with Steve Whittern’s service contract and agreed terms, the following payments will be made:
- Continued payment of current base salary, benefits and pension until 31 December 2020 (the date upon which employment terminates).
- A payment in lieu of notice for the 12 month period provided for in the Contract of Employment of £381,630 (to include, base salary, car allowance, pension and life assurance premium).
- A severance payment as compensation for loss of office of £30,000 (taking into account length of service, base salary and mitigation obligations).
- Private medical insurance to continue until 31 December 2021 or until the date upon which full time employment with another employer is taken up (to fully satisfy the payment in lieu of notice provided for in the Contract of Employment).
- The Remuneration Committee has determined that good leaver treatment should apply to the 2020 annual bonus for FY2020, which will be based on the original performance conditions and any award declared shall be paid in cash.
- The Remuneration Committee has determined that good leaver treatment should apply to outstanding Long term Incentive Plan awards granted in March 2018 and June 2019 over 19,320 and 49,913 shares respectively and will be capable of vesting at the normal vesting date after three years, together with any dividend equivalent payments, subject to the achievement of the performance conditions and in each case will be scaled back pro rata for the proportion of the performance period that has elapsed to 31 December 2020. The 2-year post vest holding period will continue to apply to all awards.
- Other vested but unexercised LTIP and deferred annual bonus awards, which are structured as nominal cost options, may also be exercised.
- Clawback and malus provisions will continue after cessation of employment.
Other than the amounts disclosed above, there are no other remuneration payments or payments for loss of office. Full details of the leaving arrangements will be set out in the Company's Remuneration Report for the financial year ending 25 December 2020, which will be published in March 2021.
Tim George
Company Secretary
16th December 2020