Spirax-Sarco Engineering PLC Section 430(2b) Companies Act - Nimesh Patel (3515U)
July 28 2020 - 7:24AM
UK Regulatory
TIDMSPX
RNS Number : 3515U
Spirax-Sarco Engineering PLC
28 July 2020
28th July 2020
SECTION 430(2B) COMPANIES ACT 2006 STATEMENT - NIMESH PATEL
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.
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 at the May 2020 AGM:
-- an annual salary of GBP480,000, a pension allowance of 10% of
salary (at the same level available to new UK employees
irrespective of seniority) and other minor benefits;
-- a bonus under the Group's existing annual plan with a maximum
annual opportunity of 125% of salary;
-- 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. The share ownership guideline of 200% of salary will also apply; and
-- share and LTIP awards to compensate for remuneration forfeited with his previous employer:
- a share award on joining the Company, which will be lost if he
is a bad leaver within two years of his appointment; and
- LTIP awards vesting in the period 2021 to 2023 with approved
Spirax Sarco performance conditions.
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.
Further detail will be set out in the Directors' Annual Report
on Remuneration 2020, published in March 2021.
The Company confirms there is no further information to be
disclosed under the requirements of listing rule 9.6.13R in
relation to this appointment.
Enquiries:
Andy Robson, Group General Counsel and Company Secretary
Tel: 01242 535194
About Spirax--Sarco Engineering plc
Spirax--Sarco Engineering plc is a thermal energy management and
niche pumping specialist. It comprises three world--leading
businesses: Steam Specialties, for the control and management of
steam; Electric Thermal Solutions, for advanced electrical process
heating and temperature management solutions; and Watson-Marlow,
for peristaltic pumping and associated fluid path technologies. The
Steam Specialties and Electric Thermal Solutions businesses provide
a broad range of fluid control and electrical process heating
products, engineered packages, site services and systems expertise
for a diverse range of industrial and institutional customers. Both
businesses help their end users to improve production efficiency,
meet their environmental sustainability targets, improve product
quality and enhance the safety of their operations. Watson--Marlow
Fluid Technology Group provides solutions for a wide variety of
demanding fluid path applications with highly accurate,
controllable and virtually maintenance free pumps and associated
technologies.
The Group is headquartered in Cheltenham, UK, has strategically
located manufacturing plants around the world and employs over
8,000 people, of whom over 1,600 are direct sales and service
engineers. Its shares have been listed on the London Stock Exchange
since 1959 (symbol: SPX) and it is a constituent of the FTSE 100
Index.
Further information can be found at
www.spiraxsarcoengineering.com
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END
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