31st Jan 2014 15:30
31 January 2014
Victrex PLC("the Company")
Directorate Change - Confirmation of future payments
Further to our announcement of 7th November 2013 and our 2013 Annual Report & Accounts, Victrex plc confirms the following details in relation to future payments to Steve Barrow, who steps down from the Board of Victrex today:
· a payment of salary in lieu of notice will be payable to reflect the unexpired portion of the 12 month notice period, which commenced on 7 November 2013. Based on a cessation date of 31 May 2014 the payment, which is subject to mitigation in the event of alternative employment, will be £107,862. This amount will be paid on or before 30 May 2014 as a lump sum;
· there will be no entitlement to an annual bonus or long-term incentive award for the 2014 financial year;
· from 10th February, he will become a deferred member of the pension scheme and will receive a payment equivalent to the employer contribution until his date of departure on 31 May 2014. In addition, he will continue to receive the existing pension supplement until this date;
· the treatment of long-term incentive awards which were unvested at the time of the 7th November 2013 announcement is as follows:
Grant Date | End of Performance Period | Shares under award | Normal Vesting date | Approach | Treatment |
16/02/09 | 30/09/11 | 15,121 | 16/02/14 | Default*
| To vest on normal vesting date |
14/12/09
| 30/09/12
| 4,596 | 14/12/13 | Default*
| Vested on normal vesting date
|
4,596 | 14/12/14 | Good leaver** | To vest on normal vesting date
| ||
13/12/10
| 30/09/13
| 432 | 13/12/13 | Default*
| Vested on normal vesting date
|
432 | 13/12/14 |
Good leaver** | To vest on normal vesting date
| ||
431 | 13/12/15 | To vest on normal vesting date
| |||
12/12/11 | 30/09/14 | 21,622 | N/A | Default*
| To lapse in full at cessation
|
12/12/12 | 30/09/15 | 15,840 | N/A | To lapse in full at cessation
|
* Default treatment under the plan rules
** Good leaver treatment applied given the performance period has been completed
Further details in respect of the number and value of shares received under the long-term incentive awards will be disclosed in future remuneration reports.
Contact:
Suzana Koncarevic
General Counsel and Company Secretary
+ 44 (0) 1253 898 067
Related Shares:
Victrex