AVEVA Group PLC Director Disclosure s430(2B) of the Companies Act (8800S)
December 30 2016 - 4:30AM
UK Regulatory
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RNS Number : 8800S
AVEVA Group PLC
30 December 2016
30(th) December 2016
AVEVA GROUP PLC
Director Disclosure s430(2B) of the Companies Act
AVEVA Group plc (the "Company") announces that, further to the
Company's announcement on 8 July 2016, Richard Longdon will on 31
December 2016 cease to be a director and Chief Executive of the
Company.
The following information is provided pursuant to s430(2B) of
the Companies Act 2006.
Further to the announcement on 8 July 2016 of a directorate
change, Richard Longdon will step down as an executive director and
Chief Executive of AVEVA Group plc (the "Company") with effect from
31 December 2016.
Mr Longdon has a 12 month notice period which shall commence on
1 January 2017 and terminate on 31 December 2017 (the "Termination
Date"). During his notice period Mr Longdon shall perform the role
of President, acting as a representative and ambassador for the
Company and providing valuable insight about the market and our
clients as the Company approaches its 50th anniversary (the
"Presidency").
Mr Longdon shall continue to receive his current salary of
GBP495,000 per annum and contractual benefits up to and including
31 December 2016 in the normal way. Mr Longdon shall not receive
any further bonus payments in respect of his performance as an
executive director or Chief Executive.
During the Presidency, Mr Longdon shall be employed on revised
terms and conditions of employment reflecting the scope of his new
role as follows:
-- Mr Longdon shall receive a salary of GBP375,000 per annum (the "Presidency Salary"); and
-- he shall be eligible to receive a bonus of up to GBP125,000
subject to satisfaction of certain performance conditions aligned
to his duties as President (the "Presidency Bonus").
Mr Longdon is not entitled to receive any further awards under
the AVEVA Group Management Bonus Deferred Share Scheme 2008 (the
"BDS") or the AVEVA Group Long Term Incentive Plan 2014 (the
"LTIP") but will continue to receive his contractual benefits as
normal during the Presidency.
Following the Termination Date, Mr Longdon will:
-- be paid in respect of accrued Presidency Salary and
contractual benefits up to and including the Termination Date;
-- be paid in respect of any outstanding accrued holiday entitlement;
-- be notified of any rights and/or options which he may have
under the CadCentre Pension Scheme;
-- subject to satisfaction of the applicable performance
conditions, receive the Presidency Bonus within 14 days of the
Termination Date;
-- subject to compliance in all material respects with his terms
and conditions of employment, be treated as a good leaver under the
rules of the BDS and the LTIP as follows:
o BDS: unvested awards granted in 2014 (over 978 shares), 2015
(over 370 shares) and 2016 (over 757shares) shall continue in full
and vest on the originally anticipated vesting dates in 2017, 2018
and 2019; and
o LTIP: unvested awards granted in 2014 (over 32,879 shares),
2015 (over 41,218 shares) and 2016 (over 41,713shares) shall
continue in existence for the remainder of the applicable
performance periods (ending in 2017, 2018 and 2019 respectively)
and shall vest to the extent that the relevant performance
conditions have been met and subject to pro-rating for time,
and full details will be disclosed in the Company's 2016/17,
2017/18 and 2018/19 Directors' Remuneration Reports as
applicable.
Mr Longdon shall remain entitled to exercise his vested LTIP
awards granted in 2010 as options (over 8,263 shares) and his
vested LTIP awards granted in 2011 as options (over 23,608 shares)
for a period of six months following the Termination Date,
following such time these vested LTIP awards shall lapse, as
specified under the LTIP rules. These LTIP awards vested on 26 July
2013 and on 7 July 2014 respectively and Mr Longdon has been
entitled to exercise these vested LTIP awards since these
respective dates.
In addition, the Company has made a payment to Mr Longdon's
legal advisors of GBP11,000 plus VAT as a contribution towards
legal advice in connection with Mr Longdon's termination
arrangements.
Save as set out above, no remuneration payment or loss of office
payment is being made to Mr Longdon.
Enquiries:
AVEVA Group plc
Richard Longdon, Chief Executive Tel: +44 (0)1223 556655
James Kidd, Deputy Chief Executive Tel: +44 (0)1223 556655
Claire Denton, Company Secretary Tel: +44 (0)1223 556655
FTI Consulting
Ed Bridges/Dwight Burden Tel: +44 (0)20 3727 1400
This information is provided by RNS
The company news service from the London Stock Exchange
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