Section 430(2B) Companies Act 2006 disclosure

24 May 2018

 

BRAEMAR SHIPPING SERVICES PLC  

STATUTORY DISCLOSURE RE BOARD CHANGE

 

Further to the announcement by Braemar Shipping Services plc (the “Company”) on 15 May 2018 that Louise Evans would be stepping down from the Board of the Company and as required by section 430(2B) of the Companies Act 2006, details of the arrangements agreed with Louise Evans in this regard are set out below.

  1. Louise Evans’ employment with the Company will terminate on 30 June 2018 (the “Termination Date”). Notice will commence on 1 June 2018 and Louise Evans will be paid in lieu for the balance of her remaining five months’ salary and pension in accordance with her service contract.
  2. Louise Evans will receive a pro-rata cash bonus for the 2018/2019 financial year (based on 50% of base salary and reflecting the four months worked in that financial year).
  3. Louise Evans will be treated as a good leaver under the following plans as specified in the rules of the relevant plan:
    1. £35,380 as a cash payment in lieu of awards due to be made under the Long-Term Incentive Plan (“LTIP”) during 2017/2018 that were not ultimately granted due to regulatory restrictions; and
    2. awards granted under the Deferred Bonus Plan (“DBP”): 7,811 awards granted under the 2016/2017 DBP on 27 May 2016 shall vest on 30 June 2018, together with such number of awards (which will be made in respect of the 2017/2018 financial year annual bonus) as is equal to the value of £45,000.
  4. The Company will pay Louise Evans the sum of £299,308 in compensation for her loss of office and in settlement of all legal claims that she may have against the Company and/or any member of the group.
  5. The Company will pay a maximum of £10,000 plus VAT towards the costs of Louise Evans’ legal fees incurred in connection with her cessation of employment.