3 May 2022
The information below is
provided pursuant to section 430(2B) Companies Act 2006.
Kenneth Gregor stepped down as Chief Financial Officer and an Executive Director of the Company on 1 May 2022. The
following remuneration arrangements apply in connection with the termination of
Mr. Gregor's employment:
- Kenneth Gregor will continue to be paid salary, pension and receive benefits as an employee in the period to 30 June 2022
- Salary, pension and benefits will cease following the termination date and no payment in lieu of notice will be made for the unserved notice period beyond the termination date
- 2021 bonus – no bonus payment was due in respect of 2021
- 2022 bonus – the Remuneration Committee decided to apply discretion to treat Kenneth as a good leaver. Kenneth will remain eligible for any bonus on a pro-rata basis for his period of 2022 service to the termination date. Any 2022 annual bonus due (subject to 2022 performance) will be delivered 50% in cash and 50% in deferred shares under the Deferred Bonus Share Plan (DBSP)
- In respect of his outstanding 2020 and 2021 LTIP awards, the Remuneration Committee decided to apply discretion to treat Kenneth as a good leaver and these awards will be pro-rated based on period of service from grant date to the termination date. The pro-rata number of shares under each award (2020 LTIP award – 46,510 shares and 2021 LTIP – 15,946 shares) will remain subject to the original performance conditions and vesting dates
- No 2022 LTIP award will be granted
-In respect of his outstanding 2021 DBSP award, the Remuneration Committee decided to apply discretion to treat Kenneth as a good leaver and this award will be released in full on the original release date (884 shares on 14 June 2024).
-Kenneth will be required to retain all those shares in the Company that he holds as at 30 June 2022 (including shares under the DBSP awards) for a period of two years until 30 June 2024.
-Kenneth will continue to be covered by the Company’s D&O insurance and received a contribution towards his legal advice of £3,000 plus VAT.
-No payments for loss of office will be paid to Kenneth.