Directorate Change and Remuneration Disclosure

RNS Number : 4964P

Hunting PLC

01 September 2017

 

For Immediate Release

1 September 2017

Hunting PLC

("Hunting" or the "Company" or the "Group")

Directorate Change and Remuneration Disclosure

Hunting PLC (LSE:HTG) confirms that Dennis Proctor has today stepped down as Chief Executive and as a Director of Hunting PLC. As previously announced, Jim Johnson today succeeds Dennis Proctor as Chief Executive and as a Director of the Company.

Richard Hunting, Chairman of Hunting PLC, commented:

"After 16 years as Chief Executive, today we bid farewell to Dennis and wish him a long and well deserved retirement. On behalf of the Board, and his former work colleagues, we thank Dennis sincerely for his strong leadership and many accomplishments during his time at Hunting."

For further information please contact:

Hunting PLC Richard Hunting, Chairman Ben Willey, Company Secretary	Tel: [phone]
Buchanan Richard Darby Chris Judd Madeleine Seacombe	Tel: [phone]

Notes to Editors:

About Hunting PLC

Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a premium listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in Canada, China, Indonesia, Kenya, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, South Africa, United Arab Emirates and the United States of America.

Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66.

Remuneration Disclosure:

The following information is provided in accordance with section 430(2B) of the Companies Act 2006. The arrangements set out below are in accordance with UK company law and the Directors' Remuneration Policy ("Policy"), which includes details of Mr Proctor's contractual entitlements, as approved by shareholders at the Company's 2017 Annual General Meeting.

Payment on ceasing to be employed

A payment of US$1,688,350 will shortly be made to Mr Proctor which includes US$785,600 related to his service contract obligations with the balance reflecting a settlement in connection with the cessation of employment.

Variable Incentive Payments

(i) Annual Bonus:

Any bonus entitlement due to Mr Proctor in respect of the year ending 31 December 2017 will be based on the executive Director Annual Bonus Plan included in the approved Policy and will be determined by the 2017 outturn against the agreed Annual Budget. The bonus amount will be pro-rated for the period of service from 1 January 2017 to 1 September 2017 and will be paid following the announcement of the Company's 2017 Annual Results.

 (ii) Long-term incentives:

Mr Proctor has 55,449 vested share options outstanding under the Hunting PLC Executive Share Option Plan which were granted on 4 March 2008 at an exercise price of 784.5p per share. These options are exercisable up to 3 March 2018, when the options expire.

Further, Mr Proctor has 668,487 unvested nil cost performance based share awards, granted under the Hunting Performance Share Plan. Mr Proctor's awards have been pro-rated from the date of grant up to 1 September 2017 and are detailed as follows:

Grant Year	Vesting Date	Original Awards		Pro-Rated Awards
2015	28 April 2018	372,534		291,297
2016	11 March 2019	589,593		290,220
2017	3 March 2020	523,733		86,970
		1,485,860		668,487

The performance conditions for each award will be measured at the end of each respective performance cycle and any awards deemed to vest will be settled, with accrued dividends where relevant, at the end of each performance period.

Full disclosure of all payments made to Mr Proctor will be made in the 2017 Annual Report on Remuneration and future reports will disclose any awards under the Hunting Performance Share Plan which vest subsequently.

 

END

 

 

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