Departing Director Remuneration Arrangements – Richard Solomons, Imelda Walsh and Tensie Whelan

29 June 2020

 

The information below is provided pursuant to section 430(2B) Companies Act 2006.

 

As announced on 26 May, Richard Solomons, Imelda Walsh and Tensie Whelan stepped down from the Board on 23 May 2020.  Richard, Imelda and Tensie were not entitled to any remuneration payments or payments for loss of office in connection with their ceasing to be a director of the Company.

DEPARTING DIRECTOR REMUNERATION ARRANGEMENTS – DR. ANDREW PALMER

19 June 2020

 

The information below is provided pursuant to section 430(2B) Companies Act 2006.

 

Dr. Andrew Palmer stepped down as an Executive Director of the Company and as CEO on 25 May 2020. The following remuneration arrangements apply in connection with the termination of Dr. Palmer’s employment:

 

- Dr. Palmer has a 12-month notice period which began on 25 May 2020. During his notice period he remains on garden leave and as such will be paid his normal salary and receive benefits.

 

- If Dr. Palmer’s employment ends prior to the expiry of his 12-month notice period, he will receive a payment in lieu of notice for his unserved notice period, calculated by reference to his base salary in respect of any unserved notice period. This will be paid in equal monthly instalments over the relevant period and will be reduced if Dr. Palmer finds alternative employment within this period.

 

- Dr. Palmer will not receive any bonus payment in respect of any part of 2020 or for any unserved notice period.

 

- Dr. Palmer’s 2019 award under the Aston Martin Lagonda Long-Term Incentive Plan 2018 will lapse and he will not be granted any award in respect of 2020.

 

- In respect of the shares that Dr. Palmer holds pursuant to the grants he was made prior to the IPO under the Legacy IPO LTIP, the terms of that plan treat him as ceasing employment for a Good Reason so that all vested shares which have not yet been released to him will be released on their respective release dates. These shares will be released to him on subsequent anniversaries of the IPO as follows: 347,026 shares released on 8 October 2020, 347,026 shares released on 8 October 2021and 347,027 on 8 October 2022.  Dr. Palmer has committed to hold the shares acquired through the April rights issue in respect of these shares on the same terms.

 

- It has been agreed that Dr Palmer will maintain a shareholding with a value of 150% of his base salary for two years from the date he stepped down as a director.

 

- Dr Palmer will continue to be covered by the Company’s D&O insurance and received a contribution towards his legal advice of £5,000 plus VAT.

COVID-19 AND SENIOR LEADERSHIP REMUNERATION

28 April 2020

As announced on 23 April 2020, the Company continues to manage the challenges of COVID-19 and has taken various actions including the agreement of senior leadership to a voluntary reduction in pay. Non-Executive Directors are waiving 35% of their fees and the Chief Executive Officer is waiving 35% of his base salary and, as communicated in the 2019 Annual Report, will not participate in the FY 2020 annual bonus plan. Vice Presidents are waiving 20% of their base salaries. Other members of senior management have also been asked to voluntarily waive 5%-10% of base salary depending on salary level. These changes will be applied retrospectively for a three-month period from 1 April and will be kept under monthly review.

 

In his role as Executive Chairman, Lawrence Stroll has elected to receive a nominal salary only, of £1 per annum.  Recently appointed non-executive director Michael de Picciotto has elected to waive his fee for 2020.

DEPARTING DIRECTOR REMUNERATION ARRANGEMENTS – DANTE RAZZANO

21 April 2020

The information below is provided pursuant to section 430(2B) Companies Act 2006.

 

As announced on 20 April, Dante Razzano stepped down from the Board with immediate effect upon the successful conclusion of the Placing and Rights Issue (on 20 April 2020).  He is not entitled to any remuneration payments or payments for loss of office in connection with his ceasing to be a director of the Company.

Departing Director Remuneration Arrangements – Mark Wilson

17 April 2020

The information below is provided pursuant to section 430(2B) Companies Act 2006.

 

As announced on 27 February 2020, Mark Wilson will step down as CFO and as an Executive Director of the Company on 30 April 2020. He will remain available to the Group to assist with the transition in the period through to 30 June 2020. The following remuneration arrangements apply in connection with the termination of Mr Wilson’s employment:

 

- Mr Wilson continues to be paid salary and receive benefits as an employee in the period to 30 June 2020. In line with other Executive Committee members, Mr Wilson has waived 20 per cent. of his base salary that he would otherwise receive in that period. 

 

- As Mr Wilson is entitled to 12 months’ notice, he will receive a payment in lieu of notice for his unserved notice period calculated by reference to his base salary. This will be paid in equal monthly instalments over the period to 27 February 2021 and will be reduced if Mr Wilson finds alternative employment and may be reduced with Mr Wilson’s agreement if continuing Company Executive Committee members extend the waiver of their base salary beyond 30 June 2020.

 

- Mr Wilson will not receive any bonus payment in respect of 2019 or any part of 2020.

 

- Mr Wilson’s award under the Aston Martin Lagonda Long-Term Incentive Plan 2018 will lapse and he will not be granted any award in respect of 2020.

 

- In respect of the shares that Mr Wilson holds pursuant to the grants he was made prior to the IPO under the Legacy IPO LTIP, he will be treated as an Intermediate Leaver and so retain an entitlement to a time pro-rated number of shares.  These shares will be released to him on subsequent anniversaries of the IPO as follows: 41,927 shares released on 8 October 2020, 27,984 shares released on 8 October 2021 and 20,989 shares released on 8 October 2022.  Mr Wilson has committed to hold any shares acquired through the rights issue in respect of these shares on the same terms.

 

- Other than shares that he forfeits under the Legacy IPO LTIP, Mr Wilson must retain all those shares in the Company that he holds as at 30 June 2020 for a period of two years until 30 June 2022.

 

- Mr Wilson will continue to be covered by the Company’s D&O insurance and received a contribution towards his legal advice of £5,000.

DEPARTING DIRECTOR REMUNERATION ARRANGEMENTS – PENNY HUGHES

17 April 2020

The information below is provided pursuant to section 430(2B) Companies Act 2006.

 

As announced on 27 February 2020, Penny Hughes will step down as Non-Executive Chair of the Company on completion of the rights issue (20 April 2020).  She is not entitled to any remuneration payments or payments for loss of office in connection with her ceasing to be a director of the Company.