TIDMRPS
RNS Number : 3568L
RPS Group PLC
29 April 2020
For immediate release 29 April 2020
RPS Group plc
('RPS' or the 'Company')
Statement pursuant to S.430(2B) of the Companies Act 2006 - Gary
Young
As announced on 19 February 2020, Gary Young will be retiring as
a Director of RPS Group Plc on 30 April 2020 at the Company's
Annual General Meeting where he will not seek re-election by the
shareholders to the Board. In accordance with the terms of his
service agreement and the Company's Directors' Remuneration Policy,
details of Gary's remuneration arrangements in respect of his
retirement are as follows:
1. Gary has a service contract that allows for a 12 month notice
period, effective from his retirement from the Board on 30 April
2020.
2. The effective termination of Gary's service contract is 31
December 2020 ("Termination Date").
3. Gary will continue to receive his monthly salary and
contractual benefits (including pension allowance, car allowance)
up to 31 December 2020. His private medical insurance will cease on
31 March 2021.
4. In December 2020 Gary will receive a payment in lieu of the
four month's salary, pension and car allowance remaining of his
contractual notice, such payment to be made on or before the
Termination Date.
5. Gary will not be eligible for a bonus for the 2020 financial year.
6. In respect of Gary's Executive Long-Term Incentive Plan
("ELTIP"), he has the following awards:
Nil cost options over 153,265 ordinary shares granted in 2017
(the "2017 Award");
Nil cost options over 157,576 ordinary shares granted in 2018
(the "2018 Award"); and,
Nil cost options over 223,866 ordinary shares granted in 2019
(the "2019 Award")
2017 Award
i. The 2017 award vested on 9 March 2020, with the performance
conditions equating to 12% of the award vesting. Taking account of
dividend equivalent shares credited to the account, Gary exercised
an option over 20,754, on 30 March 2020, electing to pay the tax on
the exercise and retaining the shares, no holding period applies to
these shares.
2018 Award
ii. In respect of the 2018 award that was made on 8 March 2018,
the Board agreed to exercise its absolute discretion in determining
that Gary's 2018 ELTIP award would vest 12 months after his notice
date of 30 April 2020, rather than his actual termination date of
31 December 2020, which was four months short of 12 months.
Therefore, Gary's 2018 ELTIP award of 157,576 shares will vest in
full on 8 March 2021, subject to the prevailing performance
conditions and the credit of dividend equivalent shares. A holding
period of two years will apply to these shares.
2019 Award
i. In respect of the 2019 award that was made on 7 March 2019,
the Board agreed to exercise its absolute discretion in determining
that Gary's 2019 ELTIP award would vest 12 months after his notice
date of 30 April 2020, rather than his actual termination date of
31 December 2020, which was four months short of 12 months.
Therefore, Gary's 2019 ELTIP will be pro-rated through to 30 April
2021, the pro-rated award will be 160,546 shares. The award will
vest in March 2022 subject to the prevailing performance conditions
and the credit of dividend equivalent shares. A holding period of
two years will apply to these shares.
7. Gary remains eligible to receive the following awards of
deferred shares under the Short Term Annual bonus plan, which will
vest at the end of the respective three year deferral periods. No
further holding period will apply to these shares.
i. 25,403 deferred shares vesting March 2021
ii. 49,005 deferred shares vesting March 2022
8. The Company will pay up to GBP3,500 plus VAT in respect of
legal fees incurred by Gary.
Full details of all payments made to and receivable by Gary will
be disclosed in the Directors' Remuneration Report within the
Company's Annual Report and Accounts for the year ended 31 December
2020, and subsequent years as appropriate.
- Ends -
For further information:
RPS Group plc
David Gormley, Company Secretary Tel: +44 (0) 1235 438 016
www.rpsgroup.com
Media enquiries:
Buchanan
Henry Harrison-Topham / Chris Lane / Tel: +44 (0) 20 7466 5000
Tilly Abraham
RPS@buchanan.uk.com www.buchanan.uk.com
Notes to Editors
Founded in 1970, RPS is a leading global professional services
firm of 5,000 consultants and service providers. Having operated in
125 countries across six continents RPS defines, designs and
manages projects that create shared value for a complex, urbanising
and resource scarce world.
RPS delivers a broad range of services in six sectors: property,
energy, transport, water, defence and government services and
resources. Services provided across RPS' six sectors cover twelve
service clusters: project and programme management, design and
development, water services, environment, advisory and management
consulting, exploration and development, planning and approvals,
health, safety and risk, oceans and coastal, laboratories, training
and communications, creative & digital services.
RPS stands out for its clients by using its deep expertise to
solve problems that matter, making them easy to understand. Making
complex easy.
RPS' London Stock Exchange ticker is RPS.L. For further
information, please visit www.rpsgroup.com.
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END
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