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. This disclosure was updated with effect from 7th January 2021.
- Basic Salary, Pension and Car Allowance: From 1st April to 31st July 2020 Ian continued to receive an annual basic salary of £299,483 and annual car allowance of £10,005 (both represent 66.7% of the normal basic salary, car allowance and pension which were all reduced from 1st April 2020). This reduction was in response to COVID-19 and was in line with the reduction applied to all members of the Board and was reviewed and amended in line with the review of Director Remuneration which was conducted by the LSL Remuneration Committee. With effect from 1st August 2020, Ian Crabb receives an annual basic salary of £449,000, an annual car allowance of £15,000 and pension contributions equivalent to 5% of annual basic salary. 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 and choose to exercise this award in January 2021. 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 was participating in the 2018 and 2019 SAYE schemes and the monthly BAYE/SIP scheme, however has ceased to participate in both schemes from January 2021. Full details of Ian Crabb’s remuneration as an executive director for the period 1 January 2020 to the 31st December 2020 will be disclosed in LSL’s directors’ remuneration report and prepared for the 2020 financial year.