Section 430 Announcement

Headlam Group Plc Section 430 (2B) Companies Act 2006

Departure of Tony Judge

It was announced on 17 September 2018 that, after 26 years with the business, Tony Judge was to step down from the Board ahead of leaving the Company in March 2019.

1 Salary and benefits

Until 14 March 2019, Tony will remain employed by the Company and will continue to receive his salary (at the rate of £425,000 per annum) and normal benefits. Thereafter, a maximum payment of £212,500 in lieu of notice will be made in respect of the six months from 14 March 2019, such payment being made in equal monthly installments, subject to mitigation. The Company will make a contribution of £12,000 + VAT in respect of Tony’s legal fees incurred in relation to his leaving arrangements. 

2 Bonus

One third of the bonus that Tony received under the Company’s annual bonus scheme in respect of 2017 was deferred into an award of shares under the Company’s Deferred Bonus Plan. The award will vest on its normal vesting date in 2020, subject to malus and clawback under the rules of the plan. Tony’s entitlement to receive a bonus under the Company’s annual bonus scheme for 2018 will be subject to satisfaction of the relevant performance criteria and a time-based reduction. One third of any bonus paid will be deferred into an award of shares under the Deferred Bonus Plan and will vest on its normal vesting date in 2021, subject to malus and clawback under the rules of the plan.

3 Share awards

  1. Co Investment Plan: Tony will have been employed for the whole of the relevant performance period in respect of the 2016 award made under the Co-Investment Plan, which is the only award outstanding under that plan. That award will vest in full in May 2019, to the extent that the performance measures are met
  2. Performance Share Plan: awards granted under the Performance Share Plan in 2017 and 2018 will vest to the extent that the performance measures are met and be subject to pro-rating for time employed and malus and clawback under the rules of the plan. Vested shares will be released in April 2021.

This statement

The information contained in this statement is provided in accordance with section 430(2B) of the Companies Act 2006. It will be made available on the Headlam Group Plc website until the Company’s next Directors' remuneration report is made available on the website