31 May 2017 08:40
31 May 2017
Ultra Electronics Holdings plc
("Ultra" or "the Group")
SECTION 430(2B) COMPANIES ACT 2006 STATEMENT - MARK ANDERSON
Following the announcement on 15 May 2017 regarding Mark Anderson stepping down from the Board, in accordance with section 430(2B) of the Companies Act 2006, the following arrangements will apply in respect of Mark's remuneration on termination of his employment:
1. Mark will remain employed until 31 October 2017.2. Mark will receive the sum of £186,694.43 as payment in lieu of the balance of his contractual notice period.3. Mark will receive a pro-rated bonus in respect of the Company's financial year ending on 31 December 2017 to reflect his time employed during the financial year, subject to achievement of performance conditions disclosed in the 2016 Directors' Remuneration Report. Any bonus will be paid to him in March 2018.4. As Mark's employment was terminated on the grounds of redundancy and reflecting Mark's performance in role, he will be treated as a ''Good Leaver' under the rules of the Long Term Incentive Plan ("LTIP"). Mark's existing awards under the LTIP shall vest at the normal time in accordance with the rules of the LTIP, pro-rated to reflect the proportion of each performance period completed as at 31 October 2017.5. The treatment of his SAYE and AESOP (All Employee Share Ownership Plan) will be in accordance with the rules of the schemes. 6. Other than the amounts disclosed above, Mark will not be eligible for any severance in respect of the termination of his employment.
- Ends -
Enquiries:
Rakesh Sharma, Chief Executive +44 20 8813 4300
Susan McErlain, Corporate Affairs Director +44 7836 522 722
James White, MHP Communications +44 20 3128 8756
www.ultra-electronics.com
020 8813 4321
Further information about Ultra:
Ultra Electronics is an internationally successful defence, security, transport and energy company with a long, consistent track record of development and growth. The Group manages a portfolio of specialist capabilities generating innovative solutions to customer needs. Ultra applies electronic and software technologies in demanding and critical environments ranging from military applications, through safety-critical devices in aircraft, to nuclear controls and sensor measurement. These capabilities have seen the Group's highly differentiated products contributing to a large number of platforms and programmes.
Ultra has world-leading positions in many of its specialist capabilities and, as an independent, non-threatening partner, is able to support all of the main prime contractors in its sectors. As a result of such positioning, Ultra's systems, equipment or services are often mission or safety-critical to the successful operation of the platform to which they contribute. In turn, this mission-criticality secures Ultra's positions for the long term which underpins the superior financial performance of the Group.
Ultra offers support to its customers through the design, delivery and support phases of a programme. Ultra businesses have a high degree of operational autonomy where the local management teams are empowered to devise and implement competitive strategies that reflect their expertise in their specific niches. The Group has a small head office and executive team that provide to the individual businesses the same agile, responsive support that they provide to customers as well as formulating Ultra's overarching, corporate strategy
Across the Group's three divisions, Ultra operates in the following eight market segments:
· Aerospace | · Land |
· Communications | · Maritime |
· C2ISR | · Nuclear |
· Infrastructure | · Underwater Warfare |