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.
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
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