Directorate Change

RNS Number : 9779Y

Victrex PLC

31 January 2014

 



31 January 2014

Victrex PLC("the Company")

Directorate Change - Confirmation of future payments

Further to our announcement of 7^th 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 10^th 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 7^th 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

 

END

 

 

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