PHD.L Regulatory News (PHD)

Proactis Holdings PLC

Directorate Change

Proactis Holdings PLC, ("Proactis", the "Group" or the "Company"), the business spend management solution provider, announces that Sean McDonough, Chief Information Officer, has today resigned from the Board with immediate effect. Sean will remain employed by the Company during his twelve-month notice period.

Alan Aubrey, Non-Executive Chairman, commented:

"On behalf of the board I would like to thank Sean for his valued contribution and service to the Company over the past 15 years. We are grateful to him for the delivery of his personal succession plan which allows the Company to move forward with confidence. We wish him all the very best in the future."

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Notes to Editors:

Proactis creates, sells and maintains software and services which enable organisations to streamline, control and monitor all indirect expenditure. Its solutions are used in approximately 1,100 buying organisations around the world from the commercial, public and not-for-profit sectors.

Remuneration: 

Sean will continue to receive his full contractual entitlement through his notice period and an ex gratia payment of £30,000 (including statutory payments) at the end of that notice period. For the purposes of his Enterprise Management Incentive ("EMI") Scheme awards and his Executive Share Option Scheme ("ESO") awards, Sean has been classified as a good leaver. Awards granted under the Group's EMI Scheme and ESO Scheme are fully vested and remain capable of being exercised until the end of Sean's notice period after which they will lapse. Awards granted under the Long Term Incentive Plan will continue and remain capable of vesting at the normal vesting date (which occurs during his notice period) subject to the performance conditions being met.