British Land Co PLC s430(2B) Companies Act disclosure
RNS Number : 1491L
British Land Co PLC
11 January 2021
Website disclosure in accordance with s430(2B) of the Companies
The following information is provided in accordance with section
430(2B) of the Companies Act.
On 10 September 2020 we announced that Chris Grigg would step
down from his role as Chief Executive Officer of the British Land
Company PLC (the Company) following delivery of the Company's 2021
interim results on 18 November 2020 and leave the Board and the
Company on 31 December 2020.
As such, on 31 December 2020 Chris Grigg ceased to be a director
of the Company and left the Company. The treatment of his
remuneration on cessation has been determined by the Remuneration
Committee in line with the terms of the Directors' remuneration
policy (as approved by shareholders at the 2019 AGM), details of
which are set out below. Full disclosure will also be included in
the 2021 Annual Report and Accounts.
Following cessation of employment, he will receive monthly
payments in lieu of notice for the remainder of his 12 months'
notice period (to 9 September 2021). The total amount payable for
the period following ceasing employment for the remainder of the
notice period comprises base salary and car allowance of
GBP615,787, pension contributions/allowance of GBP131,759 and the
value of other benefits of GBP6,066. These payments may be reduced
by the value of any alternative paid employment secured during the
period until 9 September 2021.
Chris Grigg will also be eligible for an annual bonus for the
2020/21 financial year, subject to the satisfaction of a
combination of corporate and personal objectives. The maximum bonus
opportunity will be GBP983,178. Details of the performance achieved
against the targets will be set out in the Directors' Remuneration
Report. In line with the terms of the Directors' remuneration
policy, two-thirds of any annual bonus will be paid in cash and
one-third will be used to purchase British Land shares which shall
be held on trust for a period of three years.
Chris Grigg will be treated as a "good leaver" under the
Company's Long Term Incentive Plan. Consequently, awards will be
reduced on a time pro-rata basis and will continue to vest on the
normal vesting dates, subject to the extent to which the applicable
performance criteria have been met:
1. A maximum of 263,276 Performance Shares may vest under the 2018 LTIP awards; and
2. A maximum of 196,145 Performance Shares may vest under the 2019 LTIP awards; and
3. A maximum of 83,604 Performance Shares may vest under the 2020 LTIP awards.
Vesting levels will be confirmed in the respective Directors'
Remuneration Reports, with dividend equivalents being paid in
respect of any shares vesting. In line with the Directors'
Remuneration Policy, any shares delivered will be subject to a 2
year holding period.
Chris Grigg also holds vested but unexercised LTIP options which
were granted in 2011 and 2012. He will have six months following
departure to exercise these awards. Awards under the SAYE and SIP
all employee plans will also lapse on cessation.
A contribution towards his legal fees of GBP10,000 plus VAT was
Analysts & Investors
Joanna Waddingham 07714 901166
Charlotte Whitley 07887 802535
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(END) Dow Jones Newswires
January 11, 2021 04:00 ET (09:00 GMT)