British Land Co PLC - s430(2B) Companies Act disclosure

Website disclosure in accordance with s430(2B) of the Companies Act 2006

The following information is provided in accordance with section 430(2B) of the Companies Act.

On 10 September 2020 we announced that Chris Grigg would step down from his role as Chief Executive Officer of the British Land Company PLC (the Company) following delivery of the Company's 2021 interim results on 18 November 2020 and leave the Board and the Company on 31 December 2020. 

As such, on 31 December 2020 Chris Grigg ceased to be a director of the Company and left the Company. The treatment of his remuneration on cessation has been determined by the Remuneration Committee in line with the terms of the Directors' remuneration policy (as approved by shareholders at the 2019 AGM), details of which are set out below.  Full disclosure will also be included in the 2021 Annual Report and Accounts.

Following cessation of employment, he will receive monthly payments in lieu of notice for the remainder of his 12 months' notice period (to 9 September 2021).  The total amount payable for the period following ceasing employment for the remainder of the notice period comprises base salary and car allowance of £615,787, pension contributions/allowance of £131,759 and the value of other benefits of £6,066. These payments may be reduced by the value of any alternative paid employment secured during the period until 9 September 2021.

Chris Grigg will also be eligible for an annual bonus for the 2020/21 financial year, subject to the satisfaction of a combination of corporate and personal objectives. The maximum bonus opportunity will be £983,178. Details of the performance achieved against the targets will be set out in the Directors' Remuneration Report.  In line with the terms of the Directors' remuneration policy, two-thirds of any annual bonus will be paid in cash and one-third will be used to purchase British Land shares which shall be held on trust for a period of three years.

Chris Grigg will be treated as a "good leaver" under the Company's Long Term Incentive Plan. Consequently, awards will be reduced on a time pro-rata basis and will continue to vest on the normal vesting dates, subject to the extent to which the applicable performance criteria have been met:

1.   A maximum of 263,276 Performance Shares may vest under the 2018 LTIP awards; and

2.   A maximum of 196,145 Performance Shares may vest under the 2019 LTIP awards; and

3.   A maximum of 83,604 Performance Shares may vest under the 2020 LTIP awards.

Vesting levels will be confirmed in the respective Directors' Remuneration Reports, with dividend equivalents being paid in respect of any shares vesting.  In line with the Directors' Remuneration Policy, any shares delivered will be subject to a 2 year holding period.

Chris Grigg also holds vested but unexercised LTIP options which were granted in 2011 and 2012.  He will have six months following departure to exercise these awards.  Awards under the SAYE and SIP all employee plans will also lapse on cessation.

A contribution towards his legal fees of £10,000 plus VAT was provided.