Severn Trent PLC Section 430(2B) Companies Act 2006 Statement (2441A)
December 22 2017 - 5:40AM
UK Regulatory
TIDMSVT
RNS Number : 2441A
Severn Trent PLC
22 December 2017
22 December 2017
Section 430(2B) Companies Act 2006 Statement
The following information is provided in accordance with section
430(2B) of the Companies Act 2006.
On 4 September 2017, the Company announced that Emma FitzGerald
was stepping down as Managing Director of Wholesale Operations and
from the Board of Severn Trent plc.
Ms FitzGerald has formally resigned as a Director of Severn
Trent plc with effect from 31 December 2017. Her employment will
end on 31 July 2018 unless this date is brought forward by mutual
agreement. Remuneration arrangements in respect of her departure
have been determined by the Group Remuneration Committee in line
with the Directors' Remuneration Policy approved by shareholders at
the AGM in July 2015. Further details will be included in Severn
Trent's 2018 Annual Report, to be published in May 2018.
Salary, pension and benefits
Ms FitzGerald's salary, pension and benefits will be paid in
monthly instalments until the end of her employment.
Should Ms FitzGerald request cessation of her employment earlier
than 31 July 2018 she would waive entitlement to payment in lieu of
any unexpired notice and she would waive her entitlement to the
2017/18 annual bonus in its entirety.
Incentives
Ms FitzGerald's unvested awards under the Severn Trent deferred
annual bonus plan ("ABP") will be released on the cessation of her
employment, and remain subject to malus and clawback
provisions.
Ms FitzGerald's 2015 award granted under the Severn Trent
Long-Term Incentive Plan ("LTIP") will vest subject to the
satisfaction of the original performance conditions.
LTIP awards which will be outstanding on the date when Ms
FitzGerald's employment is expected to end will be treated as
follows:
-- Ms FitzGerald's 2016 and 2017 awards granted under the LTIP
will vest in line with the original vesting dates, subject to the
satisfaction of the original performance conditions and will be
pro-rated up to the end of her employment.
-- These awards will continue to be subject to malus and
clawback provisions.
Ms FitzGerald will receive an annual bonus for 2017/18. This
bonus will be determined based on performance achieved, assessed
when the 2017/18 results are known.
Ms FitzGerald will not receive a bonus for 2018/19 and she will
not be made a LTIP award in 2018 or any subsequent year.
This information is provided by RNS
The company news service from the London Stock Exchange
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