Hunting PLC Directorate Change and Remuneration Disclosure (4964P)
September 01 2017 - 2:00AM
UK Regulatory
TIDMHTG
RNS Number : 4964P
Hunting PLC
01 September 2017
For Immediate Release 1 September 2017
Hunting PLC
("Hunting" or the "Company" or the "Group")
Directorate Change and Remuneration Disclosure
Hunting PLC (LSE:HTG) confirms that Dennis Proctor has today
stepped down as Chief Executive and as a Director of Hunting PLC.
As previously announced, Jim Johnson today succeeds Dennis Proctor
as Chief Executive and as a Director of the Company.
Richard Hunting, Chairman of Hunting PLC, commented:
"After 16 years as Chief Executive, today we bid farewell to
Dennis and wish him a long and well deserved retirement. On behalf
of the Board, and his former work colleagues, we thank Dennis
sincerely for his strong leadership and many accomplishments during
his time at Hunting."
For further information please contact:
Hunting PLC Tel: +44 (0) 20 7321 0123
Richard Hunting, Chairman
Ben Willey, Company Secretary
Buchanan Tel: +44 (0) 20 7466 5000
Richard Darby
Chris Judd
Madeleine Seacombe
Notes to Editors:
About Hunting PLC
Hunting PLC is an international energy services provider to the
world's leading upstream oil and gas companies. Established in
1874, it is a premium listed public company traded on the London
Stock Exchange. The Company maintains a corporate office in Houston
and is headquartered in London. As well as the United Kingdom, the
Company has operations in Canada, China, Indonesia, Kenya, Mexico,
Netherlands, Norway, Saudi Arabia, Singapore, South Africa, United
Arab Emirates and the United States of America.
Hunting PLC's Legal Entity Identifier is
2138008S5FL78ITZRN66.
Remuneration Disclosure:
The following information is provided in accordance with section
430(2B) of the Companies Act 2006. The arrangements set out below
are in accordance with UK company law and the Directors'
Remuneration Policy ("Policy"), which includes details of Mr
Proctor's contractual entitlements, as approved by shareholders at
the Company's 2017 Annual General Meeting.
Payment on ceasing to be employed
A payment of US$1,688,350 will shortly be made to Mr Proctor
which includes US$785,600 related to his service contract
obligations with the balance reflecting a settlement in connection
with the cessation of employment.
Variable Incentive Payments
(i) Annual Bonus:
Any bonus entitlement due to Mr Proctor in respect of the year
ending 31 December 2017 will be based on the executive Director
Annual Bonus Plan included in the approved Policy and will be
determined by the 2017 outturn against the agreed Annual Budget.
The bonus amount will be pro-rated for the period of service from 1
January 2017 to 1 September 2017 and will be paid following the
announcement of the Company's 2017 Annual Results.
(ii) Long-term incentives:
Mr Proctor has 55,449 vested share options outstanding under the
Hunting PLC Executive Share Option Plan which were granted on 4
March 2008 at an exercise price of 784.5p per share. These options
are exercisable up to 3 March 2018, when the options expire.
Further, Mr Proctor has 668,487 unvested nil cost performance
based share awards, granted under the Hunting Performance Share
Plan. Mr Proctor's awards have been pro-rated from the date of
grant up to 1 September 2017 and are detailed as follows:
Grant Year Vesting Date Original Awards Pro-Rated
Awards
2015 28 April 2018 372,534 291,297
2016 11 March 2019 589,593 290,220
2017 3 March 2020 523,733 86,970
---------------- ----------
1,485,860 668,487
---------------- ----------
The performance conditions for each award will be measured at
the end of each respective performance cycle and any awards deemed
to vest will be settled, with accrued dividends where relevant, at
the end of each performance period.
Full disclosure of all payments made to Mr Proctor will be made
in the 2017 Annual Report on Remuneration and future reports will
disclose any awards under the Hunting Performance Share Plan which
vest subsequently.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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