Premier Oil PLC Director Disclosure s430(2B) of the Companies Act (6255S)
09 July 2015 - 10:00PM
UK Regulatory
TIDMPMO
RNS Number : 6255S
Premier Oil PLC
09 July 2015
Premier Oil plc
(the "Company")
S430(2B) of the Companies Act 2006 - Andrew Lodge
Further to the announcement by the Company on 26 February 2015,
Andrew Lodge stood down as an Executive Director and left the
Company with effect from 30 June 2015.
The information required to be made available by section 430(2B)
of the Companies Act 2006 is set out below.
In accordance with the service agreement of Andrew Lodge and the
Remuneration Policy Report, the following has been agreed.
Payment in lieu of notice
Andrew Lodge had a 12 month notice period and the Company will
be making a payment of 12 months' salary and benefits of GBP436,120
gross calculated as (a) base salary of GBP353,750 and (b) payment
in lieu of benefits of GBP82,370 comprising car allowance,
subsidised gym membership and pension.
The Company will continue to provide life assurance cover (plus
up to GBP3,000 for tax payable by Andrew Lodge on this cover) and
private medical insurance for the period of Andrew Lodge's notice
on the same basis as currently provided.
2015 Annual Bonus Payment
Under the terms of his contract, Andrew Lodge is entitled to
receive his annual bonus payment for 2015 which will be reduced on
a time worked basis to reflect his departure date of 30 June 2015.
The amount of his annual bonus will be confirmed in the 2015
Directors' Remuneration Report and will be worked out as
follows:
-- in respect of the corporate target element of the bonus, the
same percentage awarded to the other executive directors; and
-- in respect of the individual target element of the bonus, 15%
of Andrew Lodge's annual salary as at 30 June 2015.
Long Term Incentive Awards
Andrew Lodge's existing share incentive benefits will be treated
in accordance with the rules of the applicable plan and will remain
subject to the terms contained therein. The 2013, 2014, and 2015
LTIP awards will be pro-rated on a time worked basis. These awards
will vest, subject to performance, at their normal vesting date, in
accordance with the good leaver provisions in the Company's LTIP
rules. This information will be updated in the Directors'
Remuneration Reports relating to financial years ending 31 December
2015, 2016 and 2017.
Pension - Related Benefits
In relation to the Company's contractual obligations to Andrew
Lodge to provide a pension substantially as if he was a member of
the defined benefit pension scheme without the earnings cap, the
Company's obligations were settled by a lump sum payment of
GBP338,200 gross.
Legal fees
Andrew Lodge will also receive a contribution of up to GBP5,000
plus VAT towards legal fees incurred in connection with his
departure.
Further enquiries:
Rachel Benjamin, Company Secretary Tel: +44(0)20 7730 1111
This information is provided by RNS
The company news service from the London Stock Exchange
END
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