Section 430 (2B) Companies Act 2006 Statement – Ian Barkshire

As noted in the announcements made to the London Stock Exchange on 13 April 2023 and 27 July 2023, Ian Barkshire retired as Chief Executive and stepped down from the Board on 1 October 2023. Richard Tyson took up the role of Chief Executive from that date, with Ian continuing to be actively employed until 1 December 2023 to ensure a smooth handover and transition of leadership.

The following information regarding Ian Barkshire’s remuneration arrangements is provided in accordance with section 430 (2B) of the Companies Act 2006.

• Salary, benefits and pension will continue for the duration of his 12 month notice period i.e., to 11 April 2024; however the benefit provision of a driver will cease on 27 October 2023.
• Eligible to participate in the 2023/24 annual bonus plan for the period of his active service, i.e., up to 1 December 2023, which will be payable at the usual time based on performance and in line with the new policy approved by shareholder at the 2023 AGM, payable in cash and deferred shares.
• Not eligible to receive an LTIP award for 2023/24.
• Treated as a good leaver in respect of his unvested Performance Share Plan awards, which will be subject to a time pro-rata reduction to the end of his notice period i.e., 11 April 2024, the achievement of performance conditions, and which will vest at the normal time. The two-year post-vesting holding periods will continue to apply for these awards.
• Ian will be subject to a post-employment shareholding requirement which requires him to retain a shareholding on cessation, equivalent to 200% of base salary, for two years. The two-year period will be calculated commencing from the end of his notice period.
• Clawback and malus provisions will continue after cessation of employment.

Other than the amounts disclosed above, there is no other remuneration or payments for loss of office. Updated details of the remuneration arrangements relating to Ian Barkshire's retirement will be disclosed in the Company's Directors' Remuneration Report 2024, which is expected to be published in June 2024.

Enquiries:
Sarah Harvey
Company Secretary
+44 (0) 1865 393448