Homeserve Plc Directorate Change (6544K)
17 December 2018 - 10:00PM
UK Regulatory
TIDMHSV
RNS Number : 6544K
Homeserve Plc
17 December 2018
Section 430(2B) Companies Act 2006 Statement
HomeServe plc (the "Company")
On 20 November 2018 the Company announced that Johnathan Ford
would step down from the Board and leave the business on 31
December 2018 following his role being made redundant as a result
of the Company's reorganisation to create four global business
lines.
In accordance with section 430(2B) of the Companies Act 2006,
the following remuneration
arrangements have been agreed. These are in line with the
Directors' Remuneration Policy approved by shareholders at the AGM
in July 2017.
Salary and Benefits
Johnathan has been given notice that his employment is being
terminated by reason of redundancy on 31 December 2018. He will be
required to assist with an orderly transition of COO
responsibilities. In accordance with his contract of employment he
will continue to be paid his salary and benefits by monthly
instalments until July 2019 at which time he will receive a payment
equivalent to six months' salary and benefits as compensation for
the remainder of his notice period. Johnathan will also receive an
enhanced redundancy payment equal to nine weeks' salary.
Johnathan will receive a capped contribution towards his
reasonable legal fees incurred in connection with his departure, up
to a maximum of GBP5,000 plus VAT. The Company will also contribute
reasonable outplacement support in accordance with the Remuneration
Policy.
Incentives
Johnathan will be eligible to receive an annual bonus for FY19,
in accordance with the Company's Remuneration Policy, as he will
continue to work for the Company during the FY19 bonus year. This
bonus will be determined based on performance achieved.
Awards granted to Johnathan under the Long Term Incentive Plan
will be treated as follows:
-- The awards granted in 2016 will vest on the normal vesting
date to the extent the performance conditions are met and will not
be pro-rated as he will be employed on the relevant vesting
date.
-- The awards granted in 2017 and 2018 will vest on the normal
vesting dates, to the extent the performance conditions are met,
and will be pro-rated to reflect the proportion of the performance
period in which Johnathan was employed.
These awards will continue to be subject to a post-vesting
holding period.
The relevant remuneration information will be included in the
Directors' Remuneration Report in the Annual Accounts for the year
ending 31 March 2019, and subsequent years, as appropriate.
In accordance with section 430(2B) of the Companies Act 2006,
the information contained in this document will be made available
on the Company's website until the Company's next Directors'
Remuneration Report is made available.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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