Homeserve Plc Directorate Change (6544K)

TIDMHSV

RNS Number : 6544K

Homeserve Plc

17 December 2018

Section 430(2B) Companies Act 2006 Statement

HomeServe plc (the "Company")

On 20 November 2018 the Company announced that Johnathan Ford would step down from the Board and leave the business on 31 December 2018 following his role being made redundant as a result of the Company's reorganisation to create four global business lines.

In accordance with section 430(2B) of the Companies Act 2006, the following remuneration

arrangements have been agreed. These are in line with the Directors' Remuneration Policy approved by shareholders at the AGM in July 2017.

Salary and Benefits

Johnathan has been given notice that his employment is being terminated by reason of redundancy on 31 December 2018. He will be required to assist with an orderly transition of COO responsibilities. In accordance with his contract of employment he will continue to be paid his salary and benefits by monthly instalments until July 2019 at which time he will receive a payment equivalent to six months' salary and benefits as compensation for the remainder of his notice period. Johnathan will also receive an enhanced redundancy payment equal to nine weeks' salary.

Johnathan will receive a capped contribution towards his reasonable legal fees incurred in connection with his departure, up to a maximum of GBP5,000 plus VAT. The Company will also contribute reasonable outplacement support in accordance with the Remuneration Policy.

Incentives

Johnathan will be eligible to receive an annual bonus for FY19, in accordance with the Company's Remuneration Policy, as he will continue to work for the Company during the FY19 bonus year. This bonus will be determined based on performance achieved.

Awards granted to Johnathan under the Long Term Incentive Plan will be treated as follows:

-- The awards granted in 2016 will vest on the normal vesting date to the extent the performance conditions are met and will not be pro-rated as he will be employed on the relevant vesting date.

-- The awards granted in 2017 and 2018 will vest on the normal vesting dates, to the extent the performance conditions are met, and will be pro-rated to reflect the proportion of the performance period in which Johnathan was employed.

These awards will continue to be subject to a post-vesting holding period.

The relevant remuneration information will be included in the Directors' Remuneration Report in the Annual Accounts for the year ending 31 March 2019, and subsequent years, as appropriate.

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 the Company's next Directors' Remuneration Report is made available.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

BOAUBAKRWNAUARA

(END) Dow Jones Newswires

December 17, 2018 06:00 ET (11:00 GMT)