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Section 430(2B) Companies Act 2006 Statement

The following information is provided in accordance with section 430(2B) of the Companies Act 2006.

On 16 October 2020, the Company announced that Mark Robson would step down from his position as Deputy Chief Executive Officer & Chief Financial Officer and Director of the Company with effect from 26 December 2020. He will leave the Group on 31 May 2021. The following arrangements will apply in respect of Mark’s remuneration and payments for loss of office:

1. Mark will continue to receive his base salary and benefits pursuant to his service contract until 31 May 2021, during which period he will remain at the Company’s disposal.

2. Following the termination of his employment on 31 May 2021, Mark will receive payment in lieu of basic salary in respect of his unserved notice period (paid in equal monthly instalments). He will also receive payment for any accrued but unused holiday.

3. Mark will not receive an annual bonus in respect of the period following 26 December 2020.

4. In accordance with the Company’s approved loss of office policy, unvested awards under the 2019 and 2020 Performance Share Plan will be pro-rated for the proportion of the performance period in which Mark was employed and will vest on their normal vesting dates of 2 May 2022 and 7 August 2023 respectively, subject to satisfaction of performance conditions. Provided that Mark provides evidence to the Company to demonstrate that he continues to satisfy the post-employment shareholding rule set out in section 6 of the Shareholding Policy for so long as that requirement is in force, these awards will not be subject to a post-vest holding period.

5. Mark’s share awards held in the Share Incentive Plan will be released to him following his termination date.

6. Mark’s deferred bonus shares awarded pursuant to his 2019 bonus entitlements will vest on the normal vesting date subject to the rules of the Deferred Bonus Plan.

7. The Company will make a contribution towards Mark’s legal fees in connection with these arrangements of up to a maximum of £7,000 plus VAT.

8. All payments to Mark will be subject to deductions for tax and national insurance contributions. Other than the amounts disclosed above, Mark will not be eligible for any other payments for loss of office.

Full details of all payments made to and receivable by Mark will be disclosed in the Company’s Directors Remuneration Report for the financial year ending 26 December 2020, and subsequent years, if applicable.

 

8 January 2021

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