British American Tobacco PLC Disclosure Section 430(2B), Companies Act 2006 (9677H)
06 Agosto 2019 - 8:00AM
UK Regulatory
TIDMBATS
RNS Number : 9677H
British American Tobacco PLC
06 August 2019
British American Tobacco p.l.c. (the "Company")
Retirement of Ben Stevens: disclosures required by section
430(2B), Companies Act 2006
Further to the announcement by the Company on 28 February 2019,
Ben Stevens has stepped down as Finance Director and from the Board
of the Company with effect from 5 August 2019. Ben Stevens will
remain an employee of the Company and retire from the Group with
effect from 30 September 2019 (the "Retirement Date"). Accordingly,
Ben Stevens' entitlement to salary and all other contractual
benefits associated with his employment shall continue until the
Retirement Date, when they shall cease.
As required by section 430(2B) of the Companies Act 2006, the
elements of Ben Stevens' remuneration which are consequent upon his
retirement, and which will be paid at or following the Retirement
Date, are stated below; he will not receive any payment for loss of
office or any other payments in relation to the cessation of his
employment. Ben Stevens' remuneration arrangements are in
accordance with the Company's current shareholder approved
Directors' Remuneration Policy. Further details will be included in
the relevant Directors' Remuneration Reports in the Company's
Annual Report and Accounts.
Short-term incentives: Determined by the Remuneration Committee on 29
Deferred Share Bonus July 2019 as a 'good leaver' with reference to
Scheme (DSBS) - outstanding the rules of the DSBS; he will receive full and
awards of shares immediate vesting of all outstanding DSBS awards
as at the Retirement Date, amounting to 61,932
ordinary shares.
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Short-term incentives: Annual performance-related bonus (IEIS) for the
International Executive year ending 31 December 2019 will be paid on a
Incentive Scheme 'wait and see' basis, being paid pro rata, by
(IEIS) reference to full-year results and paid fully
Year ending 31 December in cash at the normal time in March 2020, in accordance
2019 with the rules of the IEIS.
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Long-term incentives: Determined as a 'good leaver' by the Remuneration
Long-term incentive Committee on 29 July 2019 with reference to the
plan (LTIP) - outstanding rules of the LTIP; Ben Stevens' outstanding LTIP
awards of shares awards at the Retirement Date are affected as
follows:
* LTIP Award: 12 May 2016 (performance period: 1
January 2016 - 31 December 2018) - vests on 12 May
2021 at 70.5% amounting to 50,526 ordinary shares.
* LTIP Awards: 27 March 2017 (performance period: 1
January 2017 - 31 December 2019); 26 March 2018
(performance period: 1 January 2018 - 31 December
2020); and 28 March 2019 (performance period: 1
January 2019 - 31 December 2021) - actual vesting
percentages will be determined by the Remuneration
Committee based on the achievement of the performance
conditions at the end of the relevant three-year
performance period; time pro rating, based on the
number of months worked in each performance period
will apply. Awards granted in 2017, 2018 and 2019 are
subject to an additional vesting period of two years
from the date of the third anniversary of the date of
grant.
----------------------------- -------------------------------------------------------------
Pension-related benefits: Following his retirement, Ben Stevens will be
British American in receipt of a pension in accordance with the
Tobacco UK Pension provisions of the BATUKPF and UK UURBS arrangements.
Fund (BATUKPF) He may take part of his entitlement in the BATUKPF
Unfunded unapproved and part or all of his entitlement in the UK UURBS
retirement benefit as a lump sum. The indicative total pension entitlement
scheme (UK UURBS) as at the Retirement Date is GBP467,745 per annum.
----------------------------- -------------------------------------------------------------
Other emoluments Ben Stevens is eligible to be reimbursed to an
amount not exceeding GBP30,000 for any tax advice
he may receive.
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Dividend equivalent (DSBS): Ben Stevens will be
eligible to receive:
-- a cash sum of GBP9,339.52, equivalent to the
dividend on the after-tax position on the unvested
ordinary shares comprised in the 2017 and 2018
share awards; and
-- an amount of shares equivalent to the dividend
on the after-tax position on 28,472 unvested shares
comprised in the 2019 share award;
as held in the DSBS at the August 2019 quarterly
interim dividend record date (28 June 2019) for
the year ended 31 December 2018; payable/awarded
on or after the payment date for the quarterly
dividend, 8 August 2019.
----------------------------- -------------------------------------------------------------
Dividend equivalent (LTIP): Ben Stevens will be
eligible to receive cash sums (applicable to his
2016, 2017 and 2018 outstanding LTIP Awards) and
a share award (applicable to his 2019 outstanding
LTIP Award), with equivalent value to the aggregated
dividends he would have received as a shareholder
over the vesting periods, which in each case will
be paid/awarded on or shortly following the vesting
of the relevant LTIP Award.
----------------------------- -------------------------------------------------------------
All Employee Share Share Incentive Plan (Share Reward Scheme and
Plans UK Employee Share Ownership Plan): At the Retirement
Date, Ben Stevens will be eligible to receive
all shares held in the Share Incentive Plan, currently
842 shares as at 5 August 2019.
Sharesave: In accordance with the Sharesave Scheme
rules and applicable HMRC requirements, Ben Stevens
will be eligible to exercise a maximum of 1,030
options within six months following the Retirement
Date.
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Name of duly authorised officer of issuer responsible for making
notification:
B Creegan
Deputy Secretary
British American Tobacco p.l.c.
6 August 2019
Enquiries:
British American Tobacco Press Office
+44 (0) 20 7845 2888 (24 hours) | @BATPress
Investor Relations
Mike Nightingale / Rachael Brierley / John Harney
+44 (0) 20 7845 1180 / 1519 / 1263
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END
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