Disclosures in accordance with s.430(2B) of the Companies Act 2006
The following information is provided in accordance with section 430(2B) of the Companies Act 2006 by Harbour Energy plc (the "Company").
G. Steven Farris stepped down as Non-Executive Director of the Company at the close of the Company's Annual General Meeting held on 10 May 2023.
In accordance with section 430(2B) of the Companies Act 2006, the Company confirms that no remuneration payment will be made by the Company to Mr Farris after he ceased to be a Non-Executive Director of the Company. The Company also confirms that no payment for loss of office has been or will be made.
The following information is provided in accordance with section 430(2B) of the Companies Act 2006 by Harbour Energy plc (the “Company”).
Further to the announcement by the Company on 13 October 2022, Anne Marie Cannon resigned as a Non-Executive Director of the Company on 31 October 2022.
In accordance with section 430(2B) of the Companies Act 2006, the Company confirms that no remuneration payment will be made by the Company to Anne Marie after she ceased to be a Non-Executive Director of the Company. The Company also confirms that no payment for loss of office has been or will be made.
Disclosure in accordance with s.430 (2B) of the Companies Act 2006
As announced on 2 February 2022, Phil Kirk stepped down from his role as Executive Director, President & CEO Europe with effect from 28 February 2022. After a successful handover process, he has been placed on gardening leave until 31 July 2022 during which period he will continue to receive salary and
contractual benefits.
Payment in lieu of notice
Following his cessation of employment the Company has agreed to make a lump sum payment to Phil Kirk of £351,200.74 in lieu of the residue of his notice period of 6 months' salary and contractual benefits in accordance with his Service Agreement, subject to statutory deductions.
Annual Bonus Payment
Having served as a Director throughout 2021, Phil Kirk is eligible to receive an annual bonus for FY2021. In accordance with the Remuneration Policy, the bonus payment will be structured so that 50 per cent is paid in cash in April 2022 and 50 per cent is deferred as a "Deferred Bonus Award" under the rules of the Company's 2017 Long Term Incentive Plan ("LTIP").That award will vest in full on its normal vesting date in line with the LTIP rules.
The amount of annual bonus paid and full details of the performance underlying the bonus payment will be included in the 2021 Directors’ Remuneration Report.
For FY2022, the Remuneration Committee has determined that Phil Kirk will be treated as a good leaver and will therefore be eligible to be paid a bonus calculated in accordance with the performance metrics that apply for 2022 but with any bonus being pro-rated for the period 1 January 2022 to 28 February 2022. The bonus will be calculated and paid on the Company's normal timetable in cash.
Long Term Incentive Awards
With respect to the LTIP award granted to Phil Kirk on 30 June 2021, the Committee has agreed that he will be treated as a good leaver. The award will vest on its normal vesting date in line with the LTIP rules, to the extent that performance conditions have been met. The vesting of the award will be prorated to reflect the part of the performance period that has elapsed up to the Departure Date (30 June 2021 to 31 July 2022).
Shareholding requirement
Post-employment shareholding guidelines will apply.
Legal fees
Phil Kirk will also receive a contribution of up to £5,000 plus VAT towards legal fees incurred in connection with his departure.