Monday, 27 November 2023

Dechra Pharmaceuticals PLC

(Dechra or the Company)

Remuneration Statement in relation to Tony Griffin pursuant to section 430(2B) of the Companies Act 2006

As referred to in the announcement today, Tony Griffin stepped down from the Board with immediate effect and will leave the business with effect from 31 December 2023.

Remuneration arrangements in respect of Tony Griffin's departure from the Board have been determined by the Remuneration Committee in line with the Dechra Pharmaceuticals PLC Directors' Remuneration Policy approved by shareholders at the 2020 Annual General Meeting (Policy), his service agreement and Dutch labour law. 

Salary and Benefits

Tony is entitled to 12 months' notice commencing on the date he stepped down from the Board, during which time he is entitled to receive his salary and normal benefits, which will be paid in lieu of notice for the remaining 11 months. Under Dutch labour law, Tony will also receive Statutory Holiday Allowance (of 8% of salary) for the notice period and a severance payment of €502,000. The severance payment will made based on his original start date with Eurovet Animal Health BV, which is May 1993.

Annual Bonus and Deferred Bonus

Tony is eligible for an annual bonus under the Policy. It has been agreed to pay an average of the last three years bonus payments made. This payment will total €225,000 and will not be subject to any deferment.

Outstanding deferred bonus awards will be released in accordance with the rules of the Deferred Bonus Plan, the Co-Operation Agreement (with Freya Bidco Limited) and the Policy. They remain subject to malus and clawback provisions and will continue to accumulate dividends until they are released.

Long Term Incentive Plan (LTIP)

Tony will be treated as a 'good leaver' for 'in-flight' LTIP awards, which will be released, subject to the satisfaction of performance conditions and a time pro-rata reduction, in accordance with the rules of the LTIP, the Co-Operation Agreement (with Freya Bidco Limited) and the Policy. These awards remain subject to malus and clawback provisions. No long-term incentive award will be made in 2024 or any subsequent year.

Other

Legal fees of up to £5,000 (plus VAT) may be paid on Tony's behalf.

For further information please contact:

Melanie Hall

Company Secretary

Dechra Pharmaceuticals PLC

Telephone: +44 (0) 1606 814730