Further to the announcement by Capita plc (the “Company”) on 16th November 2020, Patrick stepped down from the Board with immediate effect.
In accordance with Section 430(2B) of the Companies Act 2006, details of his exit arrangement are as follows:
- Patrick will receive base salary, cash in lieu of pension contribution and benefits up to the date he leaves (expected to be 31 March 2021). No further payments in lieu of his remaining 12 month notice period will be made.
- There will be no payment under any variable pay arrangement:
- The 2020 annual incentive plan was cancelled as announced previously and he is not eligible to participate in any 2021 annual incentive plan
- All long-term incentive/buyout awards will lapse.
There will be no further payments in respect of his exit and no payment for loss of office.