Kevin O’Byrne – 15 May 2015

 

DISCLOSURE PURSUANT TO S430(2B) OF THE COMPANIES ACT 2006

As announced previously, Kevin O’Byrne left the Company on 15 May 2015.  Details of the treatment of Kevin O’Byrne’s remuneration following his departure are set out below:

1. As a result of Mr O’Byrne’s departure he will receive a monthly payment of £76,745 for a maximum of 10½ months, this being the balance of his 12 month notice period not worked.  The monthly payment is calculated as 12% of his base salary in line with the liquidated damages clause in his employment contract.  The monthly payments are subject to mitigation.  The maximum value of payments under the liquidated damages, in the event that mitigation is not applied, would be £803,995.

2. Mr O’Byrne’s outstanding Long Term Incentive Awards will be treated in accordance with the rules of the applicable plans as follows.  Share awards have been valued at a share price of 353.90p, this being the closing price of Kingfisher shares on 15 May 2015.

(a) Deferred bonus shares held under the KISS with a current value of £288,276 vested on Mr O’Byrne’s leaving date (based on 81,457 shares under the 2013 and 2014 awards).

(b) Deferred bonus shares held under the KISP with a current value of £233,071 will vest on the normal vesting date of  23rd April 2018 (based on 65,858 shares under the 2015 award).

(c) The second tranche of the award granted under the Performance Share Plan in 2011 will vest on the normal vesting date of 15 June 2015 and will be pro-rated to take into account the length of time Mr O’Byrne was employed over the vesting period.  The estimated value of the shares taking into account pro-rata is £676,268 (based on 191,090 shares) .

3. The award under the 2014/15 Long Term Incentive Award lapsed on Mr O’Byrne’s leaving date.

4. Mr O’Byrne will be eligible to participate in the 2015/16 annual bonus scheme to recognise his personal contribution during the 3½ months of the financial year that he has worked.  The award level will based on the personal element only which is 20% of the normal bonus opportunity with no award being due under the remaining financial elements of the scheme.  The maximum award level would therefore be £75,121.  The award level will be assessed on Mr O’Byrne’s contribution to keeping the B&Q team motivated on the delivery of business goals through the peak trading period, pro-actively supporting Kingfisher Group initiatives and ensuring an orderly transition with a high quality handover.

5. A contribution of £12,000 towards legal fees was made.