Further to the announcement on 1st May 2020 regarding Ian Crabb, Group Chief Executive Officer stepping down as an Executive Director from the LSL Board, set out below are the remuneration arrangements for Ian Crabb, who will cease to be an employee of LSL on or before 30th January 2021.
- Basic Salary, Pension and Car Allowance: Ian will continue to receive a basic salary of £299,483 and car allowance of £10,005 (both represent 66.7% of the normal basic salary, car allowance and pension which have all been reduced from 1st April 2020 for a period up to the 31st December 2020). This reduction is in in response to COVID-19 and is line with the reduction applied to all members of the Board and will be reviewed and amended in line with the review of Director Remuneration in 2020 by the LSL Remuneration Committee. Ian Crabb has not received any payment in lieu of notice and will not be entitled to receive any bonus payment in respect of 2020.
- LTIP: Ian Crabb will be entitled to exercise options in relation to 49,228 shares which have vested under the 2013 LTIP awards. Ian Crabb’s 2018 (234,624 shares) and 2019 (220,098 shares) LTIP awards will lapse on cessation of employment.
- SAYE and BAYE/SIP: Ian Crabb is participating in the 2018 and 2019 SAYE schemes and the monthly BAYE/SIP scheme. He will cease to participate in both schemes on cessation of his employment.
Full details of Ian Crabb’s remuneration as an executive director for the period 1 January 2020 to the 30th April 2020 will be disclosed in LSL’s directors’ remuneration report and prepared for the 2020 financial year.