Philippe Tible - 22 September 2014


Disclosure pursuant to s430(2B) of the Companies Act 2006

As announced previously, Philippe Tible stepped down from the Board of Kingfisher plc and as a member of the Group Executive on 31 July 2014. Mr Tible will remain an employee of Kingfisher until 31 January 2015. The following arrangements will apply in respect of Mr Tible's employment and remuneration.

  1. Mr Tible will continue to be employed on his existing terms until 31 October 2014;
  2. Between 1 November 2014 and 31 January 2015, Mr Tible will continue to be employed on a part-time basis and his base salary will be adjusted on a pro-rated basis (equivalent to €306,000 per annum). During this period he will continue to receive his fixed employment benefits (e.g. company car, medical insurance) in full . Eligibility to the French Interessement and Participation Schemes will continue during this period based on his pro-rated salary;
  3. Mr Tible will be eligible for a 2014/15 annual bonus payment as normal. The performance measures attaching to the annual bonus for the period from 1 August 2014 to 31 January 2015 will be measured on specific objectives relating to the Mr Bricolage acquisition;
  4. Mr Tible's outstanding Long Term Incentive Awards will be treated in accordance with the rules of the applicable plans as follows: 

    (a) Deferred bonus shares held under the KISS with a current value of €617,180 will vest on Mr Tible's leaving date (based on 156,605 shares, share price of £3.145 and an exchange rate of €1.2531 / £1). 

    b) The 2nd tranche of the award granted under the Performance Share Plan in 2011 will vest on the normal vesting date and will be pro-rated to take into account the length of time Mr Tible was employed over the vesting period. The estimated value of the shares taking into account pro-ration is €517,646 (based on 131,349 shares, share price of £3.145, and an exchange rate of €1.2531 / £1).
  5. Mr Tible will not participate in the 2014/15 Long Term Incentive Award.
  6. As a result of Mr Tible's departure he will receive the following payments: 

    a) €297,000 in respect of the dismissal indemnity under the Collective Bargaining Agreement. This is a legal requirement and is based on 3% of remuneration for each year of Mr Tible's service with the Group. 

    b) €150,000 in respect of statutory rights under protection legislation in France. 

    c) €318,500 to be paid in 12 equal monthly instalments following Mr Tible's departure in respect of his French non-compete clause. This amount is required under French law to ensure that the non-compete provision is enforceable.
  7. A contribution of €15,000 towards legal fees will be made.
  8. For the avoidance of doubt there will be no payments in respect of any outstanding notice period and Mr Tible will continue to participate in the pension scheme as normal up to his departure date.