Section 430(2B) Companies Act 2006 Statement

8th July 2019

The following information is provided in accordance with section 430 (2B) of the Companies Act 2006 and will be made available on the Lookers plc website until the next Directors’ Remuneration Report is made available.

On 5th July 2019, the Company announced that Robin Gregson had stepped down as an Executive Director of Lookers plc with immediate effect. He will remain as Chief Financial Officer until 15th July 2019 and remain with the Group until 30th September 2019 to ensure an effective transition.

Remuneration arrangements in respect of his departure have been determined by the Remuneration Committee in line with the Directors’ Remuneration Policy approved by shareholders at the AGM in May 2017. Further details will be provided in Lookers plc 2019 Annual Report which will be published in Spring 2020.

 

Salary, pension and benefits

Mr Gregson’s salary and benefits will continue to be paid or provided, on the same basis as present, until the end of his employment.

 

Incentives

It is anticipated that the Remuneration Committee will exercise its discretion to make a payment to Mr Gregson in respect of the 2019 annual bonus. The amount of the bonus will depend on applicable performance conditions and time pro-rating to reflect the period of time worked until the end of his employment with the Company.

Awards under the Company’s Employee Share Option Scheme in 2011 and 2014 have vested and remain subject to the scheme rules. They will remain exercisable for six months after the end of his employment.

Awards under the Company’s Long Term Incentive Plan in 2015 and 2016 have vested and remain subject to the Plan rules. They will remain exercisable for six months after the end of his employment.

Awards under the Company’s Long Term Incentive Plan in 2017, 2018 and 2019 will be pro-rated to reflect the period from their date of grant to the end of his employment. The Awards will vest on the third anniversary of the date of grant, remain subject to their original performance conditions and to all scheme rules, including malus and clawback provisions.

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