- Steve will be paid salary contractually due and has received contractual benefits up to and including 6 October 2021. He will also be paid in respect of accrued holiday pay, less deductions. Outstanding expenses will be reimbursed, subject to the Company's normal expenses policy.
- Steve will be paid £508,600 in lieu of basic salary and benefits for his twelve month notice period in twelve equal monthly instalments which will be subject to mitigation (and subject to deductions in respect of income tax and employee National Insurance contributions and any sums owed to the Company or its group or which the Company is required by law to make).
- The Company will continue to provide Steve with private medical expenses insurance at the same level of cover enjoyed at the time of his departure for 12 months or until obtained from another employer.
- Steve will remain eligible to receive an annual bonus for the 2021 financial year which will be payable at the normal payment date, subject to performance testing, time pro-rating and the normal share deferral policy. He will not be eligible for an annual bonus in respect of the 2022 financial year or subsequent years.
- The Remuneration Committee has exercised its discretion to permit Steve to retain –
- Co-Investment Plan awards, which were granted in 2016 and which vested in 2019, which may be exercised for a period of six months post cessation. If the awards are not exercised within six months, the award will lapse;
- awards granted under the Company’s Deferred Bonus Plan (including awards granted in 2022 in respect of the deferral of any annual bonus for the 2021 financial year). Awards will continue to vest on the normal vesting dates and will receive the benefit of dividend equivalents; and
- awards granted under the Performance Share Plan (PSP) which will vest on the normal vesting date, to the extent not already vested, subject to performance conditions and time pro-rating and awards will receive the benefit of dividend equivalents. Awards will be released on the normal release dates with post vesting holding periods continuing to apply. Steve will not be eligible to receive any further PSP awards post cessation.
- No post cessation shareholding restrictions will apply (the recently introduced guidelines only apply to share awards granted after the 2021 AGM and exclude own shares held).
- The Company will pay up to £3,000 in legal fees incurred by Steve in connection with advice on the termination of his employment.
Other than the above, no other remuneration payment, including for ‘loss of office’ has been or will be paid to Steve after the date of termination of employment.
The Directors’ Remuneration Report for the Company for the financial year ending 31 December 2021 will include details of the remuneration earned by Steve during the relevant period and share awards retained.