04/04/2022
S430 ANNOUNCEMENT
Section 430 (2B) Companies Act Statement – Andrew Judd
As announced to the London Stock Exchange on 4 April 2022, Andrew Judd stepped down from the Board as Executive Director of Funeral Operations with immediate effect.
The following information is provided in accordance with section 430 (2B) of the Companies Act 2006.
In accordance with Andrew Judd’s service contract and terms agreed, the following payments will be made:
- Continued payment of current base salary, benefits and pension until 30 April 2022 (the date upon which employment terminates).
- A payment in lieu of notice for the 6-month period provided for in the Contract of Employment of £112,500.
- A severance payment as compensation for loss of office of £52,500 (taking into account length of service, base salary and mitigation obligations).
- Private medical insurance to continue until 31 December 2022 or until the date upon which full time employment with another employer is taken up.
- Use of company car to continue until 30 October 2022 or until the date upon which full time employment with another employer is taken up.
- Continued entitlement to a pre-paid funeral plan notwithstanding termination of employment.
- Good leaver treatment will apply to outstanding Long term Incentive Plan awards granted in June 2019, December 2020 and December 2021 over 22,494, 31,509 and 39,659 shares respectively and will be capable of vesting at the normal vesting date after three years, together with any dividend equivalent payments, subject to the achievement of the performance conditions and in each case will be scaled back pro rata for the proportion of the performance period that has elapsed to 4 April 2022. The 2-year post vest holding period will continue to apply to all vested awards.
- Deferred annual bonus awards, which are structured as nominal cost options, may also be exercised.
- Clawback and malus provisions will continue after cessation of employment.
Other than the amounts disclosed above, there are no other remuneration payments or payments for loss of office. Full details of the leaving arrangements will be set out in the Company's Remuneration Report for the 2022 financial year which will be published in April 2023.
Tim George
Company Secretary
4th April 2022