Business
Section 430(2b) Companies Act - Nimesh Patel
Section 430(2b) Companies Act - Nimesh Patel.
About this update from Spirax Group Plc.
[{"type":"text","content":"\n \n \n RNS Number : 3515U\n Spirax-Sarco Engineering PLC\n 28 July 2020\n \n \n \n \n \n \n \n \n \n 28th July 2020\n \n \n SECTION 430(2B) COMPANIES ACT 2006 STATEMENT - NIMESH PATEL\n \n \n \n \n Spirax-Sarco Engineering plc, the world leader in thermal energy management, peristaltic pumping and associated fluid path technologies announced, on 2nd April 2020, that Nimesh Patel would join the Board as Chief Financial Officer and Executive Director.\n \n \n \n \n \n In compliance with section 430(2B) of the Companies Act 2006, the following remuneration arrangements have been agreed for Nimesh Patel in accordance with the Remuneration Policy 2020, approved by shareholders\n \n at the May 2020 AGM: \n \n \n \n \n \n · \n an annual salary of £480,000, a pension allowance of 10% of salary (at the same level available to new UK employees irrespective of seniority) and other minor benefits; \n \n \n \n \n \n · \n a bonus under the Group's existing annual plan with a maximum annual opportunity of 125% of salary;\n \n \n \n \n \n · \n an LTIP award for 2020 of 175% of salary, which will vest based on performance over a three-year period. The LTIP award is subject to a two‑year post-vesting holding period and a post-employment shareholding requirement of two years.\n \n The share ownership guideline of 200% of salary will also apply; and \n \n \n \n \n \n · \n share and LTIP awards to compensate for remuneration forfeited with his previous employer: \n \n \n \n \n \n - \n a share award on joining the Company, which will be lost if he is a bad leaver within two years of his appointment; and\n \n \n \n \n \n - \n LTIP awards vesting in the period 2021 to 2023 with approved Spirax Sarco performance conditions. \n \n \n \n \n \n In comparison with the LTIP amounts forfeited with his previous employer, these replacement awards are lower in value, vest no earlier and have a higher proportion subject to performance testing.\n \n \n \n \n \n Further detail will be set out in the Directors' Annual Report on Remuneration 2020, published in March 2021. \n \n \n \n \n \n The Company confirms there is no further information to be disclosed under the requirements of listing rule 9.6.13R in r...