Further to the announcement made via the London Stock Exchange on 29 March 2018: Directorate Change: Trifast announces that with effect from 31 March 2018 Geoffrey Budd, Commercial Director and European Managing Director will step down from the Main Board.
In accordance with section 430(2B) of the Companies Act 2006, the following arrangements will apply in respect of Geoff's remuneration:
- Geoff will remain an employee of the Company.
- Geoff will receive a bonus in respect of 2018 to reflect his Directorship throughout the financial year ending 31 March 2018, subject to the achievement of performance conditions disclosed in the 2017 Directors' Remuneration Report. In line with the Company’s Directors’ Remuneration Policy, any bonus up to 100% of salary will be paid in cash to him in July 2018 whereas any bonus earned above this level will be deferred into Trifast shares for three years.
- On the basis that Geoff will remain an employee of the Company and in line with the Company’s Directors’ Remuneration Policy, all in-flight awards made to him under the Deferred Equity Bonus Scheme (2015, 2016 and 2017 awards) and the Long-Term Incentive Plan (2017 award) will continue to vest on their normal dates.
- Geoff will not participate in the Executive Director annual bonus and LTIP schemes for financial year ending 31 March 2019 and future years.