Enabling you to identify and mitigate the intrinsic risk in your operations, supply chains and business processes.
Evaluating how your products and services meet and exceed quality, safety, sustainability and performance standards.
Validating the specifications, value and safety of your raw materials, products and assets.
INTERTEK GROUP PLC
EDWARD LEIGH: SECTION 430(2B) COMPANIES ACT 2006 DISCLOSURE
On 22 August 2018, the Company announced it was implementing an organisation change that would remove one organisational layer impacting its Senior Finance, IT and Company Secretary functions and thus Edward Leigh stood down as a director and Chief Financial Officer of the Company with effect from this date. His employment with the Company will end on 21 August 2019 unless this date is brought forward to a date two week’s following him serving written notice on the Company (the Termination Date).
The following information is provided in accordance with section 430(2B) of the Companies Act 2006.
All payments made and to be made to Edward Leigh are in line with the Company’s Directors' Remuneration Policy approved by shareholders at the Annual General Meeting of the Company on 25 May 2016.
Salary and Accrued entitlements
Edward will be paid in respect of accrued salary and contractual benefits up to and including the 22 August 2018.
Payments for Notice Period
For the period of continued employment, he will be paid his salary and contractual benefits (other than car allowance) in accordance with his Service Agreement.
If Edward serves notice on the Company terminating his employment before 21 August 2019 he will be paid, within 30 days of the Termination Date, an amount equal to his basic salary and a sum in lieu of pension contributions for the period from the termination of his employment up to 21 August 2019.
Any bonus payable to Edward for 2018 will be pro-rated for the period to 22 August 2018 to reflect Edward’s time employed during the financial year. This bonus will be determined based on performance achieved, assessed when the 2018 results are known. 50 per cent of any bonus will be paid in cash in March 2019, and 50 per cent will be deferred into shares (which will vest after a period of three years). Edward will be treated as a good leaver in respect of his existing deferred bonus share awards, which will, accordingly, vest on their original vesting dates. All deferred bonus share awards will be subject to malus and clawback provisions.
Edward will be paid the sum of £3,810 by way of statutory redundancy payment within 30 days of the Termination Date.
The Company will make a payment to Edward Leigh’s legal advisers of £1,000 plus VAT.
Edward will be treated as a good leaver in respect of his unvested LTIP share awards under the Long Term Incentive Plan. The awards will vest on their original vesting dates, subject to the satisfaction of the original performance conditions and will be pro-rated up to 22 August 2018. All LTIP awards will continue to be subject to malus and clawback provisions.
Full details of the above payments will be disclosed in the Directors’ Remuneration Report for the year ending 31 December 2018.