Mike Killoran ACA
Group Finance Director (60)
The following information is provided in accordance with section 430(2B) of the Companies Act 2006:
On 14 January 2022 Mike Killoran retired from the Board and from the Group.
1. Mike Killoran was paid his salary, pension and benefits up to and including his leave date, except membership of the Group Medical Scheme will cease on 28 February 2022.
2. Mike Killoran will be eligible to earn a bonus in respect of 2021, subject to the satisfaction of the applicable performance conditions. Half of any such bonus earned will be paid in cash at the same time as it would have been paid (in March 2022) but for his retirement, with half of any bonus earned being deferred into Persimmon Plc shares for three years subject to the rules of the Persimmon 2020 Deferred Bonus Plan.
3. Having regard to Mike Killoran’s long service and retirement, the Remuneration Committee has exercised its discretion to grant Mike “Good Leaver” status in respect of the awards held under the Persimmon Plc 2017 Performance Share Plan (“2017 PSP”), which will remain subject to the rules of the 2017 PSP and the applicable performance conditions. Following Mike’s departure, the maximum number of shares he will be able to acquire is 33,667 and 12,477 for the 2020 and 2021 awards respectively, this reflects a pro-rata reduction for the proportion of the applicable performance period which has elapsed at Mike’s leave date. The 2020 award will vest in spring 2023 and the 2021 award will vest in spring 2024. Any shares that vest will be released to Mike at the end of the original two year holding period following the end of the performance period.
4. Mike Killoran shall be eligible to retain his Persimmon Plc SAYE option granted on 15 October 2020, which he may exercise during the period of six months following his leave date subject to the rules of the Persimmon SAYE scheme. The maximum number of shares he will be eligible to acquire is 539.
Full details of Mike’s remuneration will be disclosed in the Directors’ Remuneration Report for the year ended 31 December 2021.