The following information is provided in accordance with section 430(2B) of the Companies Act 2006 in respect of David Stead, who retired from the Dunelm Board on 31 December 2015.
All payments described below are in line with the Company’s stated Remuneration Policy for a good leaver (published in the Annual Report for 2014/15), and approved by shareholders at the 2015 AGM.
Salary and benefits
David has received his salary, benefits and pension allowance as usual until his leaving date of 31 December 2015, at the rate set out in Dunelm’s Annual Report for 2014/15.
FY16 Annual bonus
David was awarded a bonus of up to 100% of base salary (£280,185) for FY16. The performance criteria applicable to this award are linked to achievement of target PBT (80%) and personal objectives (20%).
At 31 December 2015, David has worked for 6 months of the 12 month performance period applicable to his FY16 annual bonus. The Remuneration Committee has determined that he will receive 50% of his FY16 annual bonus entitlement in September 2016, after applying the financial performance criteria over the full performance period and the personal performance criteria to his cessation of employment.
The Remuneration Committee has determined that David may exercise the above awards, subject to time pro rating, and after applying the applicable performance criteria over the full performance period. The maximum possible vesting, if performance conditions are fully met, is set out in the table above (column headed “No of shares pro rated to 31 December 2015”).
The awards may be exercised within 6 months of the normal vesting date specified above.
Other
No further payments are being made to David Stead in respect of loss of office or the termination of his employment.