7 April 2020
Mr Crump stood down from the Board at the Annual General Meeting on 25 February 2020 and retired from his role as President on 31 March 2020.
The appendix to this announcement sets out information on Mr Crump’s departure required to be disclosed pursuant to section 430(2B) of the Companies Act 2006.
The Sage Group plc +44 (0) 191 294 3457
James Sandford, Investor Relations
Rebecca Potgieter, Media
FTI Consulting +44 (0) 20 3727 1000
Sage is the global market leader for technology that helps small and medium businesses perform at their best. Sage is trusted by millions of customers worldwide to deliver the best cloud technology and support, with our partners, to manage finances, operations, and people. We believe in doing everything we can to help people be the best they can be, so the combined efforts of 13,000 Sage colleagues working with businesses and communities make a real difference to the world.
The following information is provided pursuant to section 430(2B) of the Companies Act 2006. The financial terms below have been agreed with Mr Crump in connection with his announced departure and are in line with Sage’s Remuneration Policy which was approved by the shareholders at the 2019 AGM.
The following arrangements will apply in respect of Mr Crump’s departure:
Other terms agreed with Mr Crump, which were the subject of careful consideration by the Remuneration Committee, are as follows:
Information on the vesting of the PSP and DSBP awards will be disclosed in the relevant directors’ remuneration reports following vesting. Any awards which are currently subject to malus and clawback provisions set out in the relevant plan rules and the post-employment shareholding requirement set out in the 2019 Directors’ Remuneration Report will continue to be subject to such provisions.
The table below sets out the relevant number of shares under each of Mr Crump’s PSP and DSBP awards, along with date of grant and date of vesting. In the case of the PSP, vesting (and therefore future value) is subject to the achievement of applicable stretching performance conditions. The DSBP awards relate to deferred bonuses already earned for previous performance years.
|Type of award||Grant date||Number of shares under award||Vesting date (release date where different|