ConvaTec Group PLC
SCHEDULE OF MATTERS RESERVED FOR THE BOARD
The following are the matters which are reserved for the board of the Company. In this schedule ‘Group’ means the Company and its subsidiary undertakings.
ConvaTec Group PLC
DIVISION OF RESPONSIBILITIES BETWEEN CHAIRMAN AND CHIEF EXECUTIVE OFFICER
ROLE OF SENIOR INDEPENDENT DIRECTOR
(agreed by the board on 12 October 2016)
15 October 2018
Section 430(2B) Companies Act 2006 Statement
The following information is provided in accordance with section 430(2B) of the Companies Act 2006.
On 12 October 2018, Mr Moraviec informed the Board of the Company that he wished to retire as Chief Executive Officer of ConvaTec Group Plc and formally resigned as a Director of the Company with effect from 14 October 2018. His employment shall end on 12 April 2019 (“Departure Date”). Remuneration arrangements with respect to his departure have been determined in line with Mr Moraviec’s service agreement and with the Company’s Remuneration Policy for Directors approved by shareholders at the AGM in May 2017. Further details will be included in the ConvaTec 2018 Annual Report and Accounts, to be published in the Spring of 2019.
Salary, pension and benefits
Mr Moraviec’s notice period of six months commenced on 12 October 2018 and no payment in lieu of notice shall be made. He shall continue to be paid up to the Departure Date his salary of £670,000 along with his payment in lieu of pension and other benefits in accordance with the terms of his service agreement. No payment for loss of office shall be made to Mr Moraviec.
The shares held by Mr Moraviec received in connection with the IPO of the Company in 2016 are released from the terms of “lock-up” arrangements on 31 October 2018 in accordance with the terms of such arrangements.
Long-term incentive awards which were outstanding at the Departure Date shall be treated as follows:
Mr Moraviec shall be eligible for an annual bonus for 2018. This bonus shall be determined based on performance achieved, assessed when the 2018 full year results are known. Any amount of bonus shall be paid in cash only.