Workspace Group plc
Section 430(2B) Companies Act 2006 Statement

Further to the announcement made by Workspace Group plc (the “Company”) on 2 April 2019, Jamie Hopkins stepped down as Chief Executive Officer and as a director of the Company on 31 May 2019. The following arrangements will apply in respect of his remuneration. These arrangements comply with the Company’s directors’ remuneration policy, which was approved by shareholders in July 2017.

1. Bonus

The Remuneration Committee has determined that Jamie is eligible to receive a bonus in respect the financial year ended 31 March 2019, which he served in full. The amount of any bonus will be subject to the satisfaction of the relevant company and personal performance criteria and will be determined by the Remuneration Committee in June 2019. In accordance with the directors’ remuneration policy, 33% of any bonus will be deferred into shares for three years under the Company’s Deferred Bonus Plan. The remainder will be paid on the normal bonus payment date.

No bonus will be payable in relation to the financial year ending 31 March 2020.

2. Share awards

The Remuneration Committee has determined that Jamie will be treated as a good leaver in relation to outstanding awards granted to him under the Company’s Long Term Equity Incentive Plan 2008 and Long Term Incentive Plan 2017 (the “LTIPs”). In accordance with the rules of the LTIPs and the directors’ remuneration policy, outstanding LTIP awards will vest on the normal vesting dates, subject to the satisfaction of the relevant performance conditions (measured over the full performance period), time pro-rating and holding periods, as detailed below:

Award

Number of shares subject to award

Maximum number of shares which could vest1

Vesting date

Vested shares released from holding period2

Performance share award granted on 23 June 2016

56,510

55,323

23 June 2019

23 June 2020

Matching share award granted on 23 June 2016

56,510

55,323

23 June 2019

23 June 2020

Conditional award granted on 20 July 2017

107,757

66,918

20 July 2020

31 May 2021

Conditional award granted on 22 June 2018

89,809

28,132

22 June 2021

Not applicable

 

1 This reflects time pro-rating, but the number of shares which vest will be subject to the achievement of performance conditions.
2 Under the rules, vested shares will be released on the earlier of the end of the normal holding date and the second anniversary of the date of termination of employment.

In accordance with the rules of the Company’s Deferred Bonus Plan (the “DBP”), Jamie’s 2017 and 2018 DBP awards will vest in full on the normal vesting dates, as detailed below:

Award

Number of shares

Vesting date

Award granted on 26 June 2017

20,119

26 June 2020

Award granted on 26 June 2018

17,423

26 June 2021


Jamie’s awards under the Company’s Sharesave Plan and Share Incentive Plan will be treated in accordance with the terms of the respective plan rules.

3. Other payments 

Jamie received a capped contribution of £2,000, excluding VAT, towards legal fees incurred in connection with his departure. He will also receive £1,000 as consideration for the extension of his post-termination non-compete from 6 months to 12.

4. Further information

The relevant remuneration details relating to Jamie Hopkins will be included in the Directors’ Remuneration Report in the Annual Report and Accounts for the year ended 31 March 2019.

Other than the amounts disclosed above, Jamie Hopkins will not be eligible for any remuneration payments or payments for loss of office.

In accordance with section 430(2B) of the Companies Act 2006, the information contained in this document will be made available on the Company’s website until its next Directors’ Remuneration Report is made available.