James Fisher and Sons plc (the “Company” or “James Fisher”)
Section 430(2B) Statement

Further to the announcements by the Company on 17 July 2023 and 9 November 2023, Duncan Kennedy stepped down from the role of Group Chief Financial Officer and director of the Company on 1 December 2023.

As required by section 430(2B) of the Companies Act 2006, details of the remuneration payments made or to be made to Duncan are set out below. These arrangements comply with the Company’s Directors’ Remuneration Policy, which was approved by shareholders at the 2021 AGM.

 

Salary and benefits

Duncan remains an employee for the duration of his notice period (or until such earlier date as may be agreed with the Company), to support a smooth transition of responsibility to his successor. Duncan will continue to receive his salary, normal pension contributions and contractual benefits during the remainder of his employment, in accordance with his service agreement.

Annual bonus

Duncan will be eligible to receive a bonus in respect of the 2023 financial year. The amount of any bonus will be subject to the satisfaction of the relevant performance criteria and will be determined by the Remuneration Committee on the normal timetable. Duncan will also be eligible to receive a pro-rated bonus in respect of active employment in the 2024 financial year, subject to the satisfaction of the relevant performance criteria and determined by the Remuneration Committee on the normal timetable.

Share plans

Duncan’s outstanding unvested awards granted under the Company’s long-term incentive plan will vest on the normal vesting date, subject to the satisfaction of applicable performance conditions and to time pro-rating. A two-year post-vesting holding period will apply as normal. To the extent that awards, vest, dividend equivalents may be credited.
Duncan’s outstanding option under the Company’s Sharesave plan will lapse with effect from the date his employment ends.

Other

Duncan will receive a contribution of up to £2,000 (excluding VAT) in respect of legal fees and up to £50,000 (excluding VAT) in respect of outplacement support.

Further information

Other than the amounts disclosed above, Duncan will not be eligible for any remuneration payments or payments for loss of office.
In accordance with section 430(2B) of the Companies Act 2006, the information contained in this document will be made available on the Company’s website until its next Directors’ Remuneration Report is made available.
The relevant remuneration details relating to Duncan will be included in the Directors’ Remuneration Report in the Annual Report and Accounts.