Section 430(2B) Companies Act 2006 Statement

HomeServe plc (the 'Company')

On 22 May 2018 the Company announced that Martin Bennett would step down from the Board on 20 July 2018 and leave the business later in 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, Pension and Benefits

Martin will continue to serve as CEO of the UK business until 30 September 2018, following which he will be given notice that his employment is being terminated by reason of redundancy. Martin will be required to assist with an orderly transition of certain functions as part of restructuring of the global business lines. In accordance with his contract of employment he will continue to be paid his salary, pension and benefits by monthly instalments until the end of his employment. Martin will also receive an enhanced redundancy payment equal to 18 weeks salary.

Martin will receive a capped contribution towards his reasonable legal fees incurred in connection with his departure, up to a maximum of £3,500 plus VAT. The Company will also contribute reasonable outplacement support in accordance with the Remuneration Policy.

Following the termination of Martin's employment, it is proposed that he will be engaged to provide consultancy services to the business for an initial period of 12 months following termination of his employment.

Incentives

Martin 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 Martin under the HomeServe 2008 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 Martin will be employed on the relevant vesting date.

· The award granted in 2017 will vest on the normal vesting date, to the extent the performance conditions are met, and will be pro-rated to reflect the proportion of the performance period in which Martin 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.

Attachments

  • Original document
  • Permalink

Disclaimer

HomeServe plc published this content on 26 July 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 26 July 2018 11:05:11 UTC