Directors’ Remuneration policy continued
Exit payment policy Any payments in the event of termination of an Executive Director will take account of the individual circumstances, including the reason for termination, any contractual obligations, consideration for payments in respect of the resolution of legal claims, the rules of the applicable incentive plans and the Policy in place at the time. In the event of termination for gross misconduct, neither notice nor payment in lieu of notice will be given, and the Executive Director will cease to perform their services immediately. Treatment of Annual Bonus and LTIP will vary depending on whether an Executive is defined as a ‘good’ or ‘bad’ leaver. The Committee has the discretion to determine whether an Executive is a good leaver. Reasons for good leaver treatment are detailed in the plan rules and include, but are not limited to, retirement, injury, illness or disability, or otherwise with the agreement of the Committee. The treatment of the various elements of pay on termination are summarised below.
Exit payment policy Salary, benefits and pension
If notice is served by either party, the Executive will receive base salary, benefits and pension for the duration of their notice period. The Executive may be asked to perform their normal duties during their notice period, or they may be put on garden leave. The Group may, at its sole discretion, terminate the contract immediately, at any time after notice is served, by making a payment in lieu of notice equivalent to salary, benefits and pension, with any such payments being paid in monthly instalments over the remaining notice period. The Executive will normally have a duty to seek alternative employment and any outstanding payments will be subject to offset against earnings from any new role. Good leavers will be eligible to receive an Annual Bonus at the usual time with performance measured at usual time. The Annual Bonus will normally be pro-rated for service during the financial year. Bad leavers will not be eligible to receive an Annual Bonus and any unvested deferred shares or unexercised share awards will be forfeit on cessation of employment. For good leavers, unvested and unexercised deferred share awards will not be forfeited immediately on a cessation of employment, but will remain subject to clawback. Shares subject to a holding period will usually be released at the normal time. For good leavers, the Option Period associated with any shares awards may be shortened in accordance with the plan rules. Awards are forfeited on cessation of employment save for “good leavers” (where awards will normally vest subject to performance conditions and are normally scaled back pro rata to the proportion of the performance or vesting period served). Shares subject to a holding period will usually be released at the normal time. For good leavers, the Option Period associated with any shares awards may be shortened in accordance with the plan rules.
Annual Incentive
LTIP
100
Brooks Macdonald Group plc Annual Report and Accounts 2025
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