Section 430(2B) Companies Act Statement
18 May 2022
Nick Keveth retired from the Board and stepped down from his role as Chief Financial Officer of Avon Protection plc (‘the Company’) on 31 March 2022.
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 2021 AGM), details of which are set out below. Full disclosure will also be included in the 2022 Annual Report and Accounts.
Nick Keveth received his salary and contractual benefits (including pension allowance / contributions) up to the date he ceased employment, 31 March 2022 (“Termination Date”). He will receive no notice monies or payment in lieu of notice and the Company will not provide any benefits to him in respect of any period after the Termination Date. In addition, he will not receive any payments by way of compensation for loss of office.
Bonus
Nick Keveth will be eligible for a pro-rated annual bonus for the 2022 financial year, subject to satisfaction of the applicable performance conditions and strategic objectives. These shall be determined by the Remuneration Committee following the release of the Company’s 2022 financial results. Further detail on this will be included in the next Directors’ Remuneration Report.
25% of Nick Keveth’s 2020 annual bonus payment was deferred into shares. Subject to the release conditions in the Company’s deferred bonus plan, these shares will be transferred to him at the end of the deferral period, which coincides with the announcement of the Company’s 2022 annual results.
Share awards
Nick Keveth will be treated as a good leaver under the Avon Rubber Long Term Incentive Plan (‘LTIP’) in accordance with the plan rules. Nick retains a pro-rata interest in the awards granted to him in 2020 (Cycle L) and 2021 (Cycle M) and these awards will vest on their normal vesting dates subject to the achievement against the performance conditions attaching to each award, the rules of the Plan and the discretion of the Remuneration Committee. The details of the treatment agreed is set out in the below table.
|
Award Cycle |
Award/vesting dates and performance period |
Original number of shares subject to award (subject to a pro rata reduction for time served) |
|
Cycle L 2020 Awards |
Awarded 17 March 2020 for the performance period 1 October 2019 to 30 September 2022. Vests March 2023 |
22,059 |
|
Cycle M 2021 Awards |
Awarded 2 February 2021 for the performance period 1 October 2020 to 30 September 2023. Vests February 2024 |
19,707 |
Nick Keveth did not receive an LTIP award for 2022.
Nick Keveth was a participant in the Avon Rubber Share Incentive Plan (‘SIP’). On his retirement from the Company he was permitted to remove/sell all shares from the SIP in accordance with the SIP rules in line with all other employees, which follow legislation and HMRC guidance for tax advantaged plans in the UK.
Further information
The relevant remuneration details relating to Nick Keveth, including information on the vesting of any outstanding awards detailed above and the dividend equivalents payable on them, will be included in the Directors’ Remuneration Report in the Annual Report and Accounts.
In accordance with section 430(2B) of the Companies Act 2006, the information contained in this document will be made available on Avon Protection plc’s website until the next Directors’ Remuneration Report is made available.