DEVRO PLC 17 November 2015
As announced on 17 November 2015, Simon Webb, the Group Finance Director of Devro plc (the 'Company'), has agreed with the board of directors that he will step down from his role by the end of November 2016 at the latest. He will remain in the role until a successor has been appointed.
The information required to be made available by section 430(2B) of the Companies Act 2006 is set out below.
Mr Webb has a 12 month notice period and the Company will make a payment in respect of his unexpired notice period as at the date his employment terminates.
Mr Webb will be entitled to receive an annual bonus payment in respect of the 2015 and 2016 financial years. The bonus will be calculated by reference to the applicable performance targets and the bonus in respect of the 2016 financial year will be reduced on a pro rata basis to reflect his departure date.
All unvested awards made to Mr Webb under the Company's Performance Share Plan will vest, subject to performance, at their normal vesting date, in accordance with the good leaver provisions of the Performance Share Plan.
These arrangements are in line with the Remuneration Policy approved by shareholders at the 2014 AGM. Details of the actual payments made will be disclosed in the relevant Directors' Remuneration Report.
John Meredith Company Secretary Devro plc
|
distributed by
|
