Statement under section 430 (2B) of the Companies Act 2006

Jann Brown

30 September 2024

 

As announced on 27 March 2024, Jann Brown stepped down as a director of Pharos Energy plc (the Company) with effect from 30 April 2024. Ms Brown’s employment with the Company ceased on 30 September 2024.The following information is provided in accordance with section 430(2B) of the Companies Act 2006:

  1. After her resignation as a director of the Company, Ms Brown continued to receive salary and other benefits under her service contract with the Company in respect the remaining term of her employment, but has not and will not receive any loss of office payments or any payments in lieu of notice.
  2. The outstanding awards under the Company’s Long Term Incentive Plan (LTIP) held by Ms Brown will be treated in accordance with the rules of the LTIP and will remain subject to the terms contained therein. Her entitlement to any outstanding unvested LTIP awards will, assuming she retains “good leaver” status, be pro-rated to reflect her actual period of service relative to the normal vesting period. Ms Brown has not and will not receive any new LTIP awards in 2024 or beyond.
  3. The Remuneration Committee has determined that Ms Brown is eligible for an annual bonus for the financial year ended 31 December 2024, pro-rated the reflect her actual period of service during the year. The amount of any such bonus, if any, is a matter for the Company’s discretion, but the Company has agreed that it will exercise this discretion fairly and reasonably, having regard to the role Ms Brown was asked to fill until the termination of her employment, and in a manner consistent with the assessment of bonuses for comparable colleagues.  
  4. Ms Brown will be entitled to remain as a participant in the private health insurance scheme provided through the Company until the renewal date of 31 March 2025.
  5. Ms Brown is entitled to a contribution from the Company towards her legal costs of £2,500 exclusive of VAT in connection with advice in connection with the termination of her employment and the terms of the corresponding settlement agreement between Ms Brown and the Company.  

The directors’ remuneration report of the Company for the financial year ending 31 December 2024 will include details of remuneration earned by Ms Brown during that financial year.