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Date: 6 May 2021
SCS clearance: Jamie Carter (Executive Director, UKGI)
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Department for
Business, Energy
& Industrial Strategy
POL CFO Exit Options
[To Approve
[To Approve
[To Clear
IBEIS Secretary of State (SoS)
Minister Paul Scully MP
Special Advisers
Role, Partner Organisation
(Chief Financial Officer (CFO), Post Office Ltd.
[Prime Minister's interest list
INo
Lead Official / Policy &
ISiv Rajeswaran (UKGI) 4
[Telephone Jamie Carter (UKGI)
Beth White (BEIS) - {.
Unique Reference Number 87
Summary: BEIS Ministers previously agreed to a request from the POL Chair to end the
employment relationship with POL’s incumbent CFO, approve the appointment of an interim
CFO, and to launch the process to recruit fora new permanent CFO based on an exit date of
318' March.
Since the above approvals were made; the Exit Cap Regulations, which would have helped to
curb the incumbent's expectations to a great extent, were revoked and therefore no agreement
POL have submitted a revised proposal that they hope will be acceptable to BEIS Ministers,
HMT and the incumbent before the stated 26 May deadline. There is presentational risk to POL
from any legal claims, although these need to be balanced against the risks associated with a
significant pay out to a POL executive in light of the recent court judgement.
This submission sets out the options POL has to exit the CFO in light of recent discussions
with the incumbent. A letter from POL’s Chair is included at Annex B and sets out the options
in more detail. Any package will also need HMT approval.
Timing: Urgent — the incumbent has stated that he intends to bring claims by 26 May if POL
and the incumbent cannot reach a mutually acceptable agreement on exit terms were he to be
dismissed. el
Recommendation:
e That you consider the proposal that POL have made to reach agreement with
incumbent CFO, Alisdair Cameron (Al), along similar lines to that proposed in January.
¢ Whilst their proposed option has operational benefits, if you believe that the
presentational risk of a significant pay-out to a senior POL director under POL’s
preferred Option 2 is too high then we would recommend that Al remains in post as per
Option 3. We consider Options 1a and 1b to ultimately pose the greatest costs and
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reputational damage, with Option 1b considered unworkable in practice. Exercising
Option 1 is also likely to imperil Al’s cooperation with the Inquiry.
¢ If Option 3 is chosen, POL will want to understand when Ministers will be willing to deal
with this issue as the relationship between the company and the CFO needs to be
resolved and the CFO replaced. It is therefore recommended that Ministers offer to meet
with the CEO and Chair to explain their decision and indicate a willingness to revisit the
issue after the Inquiry reports. Ministers may also wish to indicate their willingness to
take an earlier decision if the Inquiry becomes a statutory inquiry or its terms of reference
change.
Advice:
1) In November 2020, BEIS Ministers agreed to a request for POL to end its employment
relationship with its incumbent CFO. As the basis for the request is cultural rather than a
performance issue, POL have not undertaken performance management measures as
they have concluded that it would not be appropriate to do so.
2) In January 2021, Ministers approved a proposal for the CFO’s exit payment reflecting the
CFO's contractual entitlement up until 31 March 2021
n summary,
would have been placed on garden leave commencing 1 April for six months of his
twelve-month notice period; paid the balance of his contractual notice entitlements up to
the limits fixed by the exit cap; and granted ‘good leaver’ status for bonuses payable in
relation to the period before the garden leave period starts.
3) Since the above approvals; the Exit Cap Regulations, which would have helped to curb
the incumbent's expectations to a great extent, were revoked. POL did therefore not
agree a package with Al by 31%‘ March. POL have
Option 1a Option 1b
Immediate Dismissal Immediate Dismissal with
with PILON 12 Month Notice Period
Exit Date Immediate 12 Months
Exit Package £244,800 £0
Bonus ‘Leaver’ Status Bad Bad
Bonus Accrual £0 £0
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Total Approved Payout £244,800 £0
Expected Court Award
POL's Legal Costs £100,000 £100,000
Costs
Option 2 Option 3
Mutually agreed exit on
31 August, following
conclusion of Inquiry
proceedings, based ona
package equal to that
likely to be awarded by
an employment
tribunal/court in the
event of a dismissal.
No exit required as Al
remains in post indefinitely
Exit Date 31 August 2021 Not Applicable
Exit Package £316,000 Not Applicable
Bonus ‘Leaver’ Status Good Not Applicable
£254,320 On-Target
Entitlement (OTE)
Bonus Accrual £327,080 Stretch Not Applicable
entitlement
Total Approved Payout £043'080 (Suewt) Not Applicable
Expected Court Award Not Applicable Not Applicable
POL's Legal Costs Not Applicable Not Applicable
Total Expected Exit £570,320 (OTE) to .
Costs £643,080 (Stretch) Not Applicable
' For Option 1b, whilst the exit package would be nil, the company would still pay Al’s full salary and
benefits for the 12-month notice period. Therefore, Al would be accruing a salary package of £316,000
over the notice period whilst it being highly unlikely that he will continue to perform effectively during this
time due to the circumstances of his dismissal. He will also be accruing STIP and LTIP over this time,
leading to a higher court awarded settlement relative to Option 1a. Therefore, there would be significant
risks with respect to whether POL would be getting Value for Money for the money spent over the notice
period.
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5) POL’'s preferred option is Option 2, as in their view, this option
—, ensure cooperation with the Inquiry and will ensure that a succession plan
lace for a new Permanent CFO]
In previous feedback, BEIS Ministers indicated
that they wanted to see an exit package that reflected VfM and be in some way conditional
on: (i) the incumbent's participation in the Horizon IT Inquiry; and (ii) being found to have
done no wrongdoing when the inquiry concludes. Accordingly, an Option 2 agreement
would include a requirement for Al’s full cooperation in the Horizon IT Inquiry, as well as
orderly handover to a new permanent CFO.
6) Al's contract entitles him to 12 months’ notice of £244,800. POL are also proposing to pay
an additional £71,200 (comprised of 12 months’ Payment In Lieu Of Pension and other
benefits) which, while not contractual, is consistent with POL’s custom and practice, and
is therefore considered by POL
employment benefits. Al is also aware of this practice, of paying these
benefits to other senior leavers in recent years. The sum of these two equals £316,000.
These incentive schemes would pay out
between March 2022 and August 2024. A full breakdown of Option 2 entitlements is
outlined in Annex A.
7) POL’s preferred option of Option 2 is in-principle consistent with the exit package
previously approved for Al by BEIS Ministers in January, which was predicated on a 31
March 2021 exit date whereas the current option is predicated on 31 August 2021 exit
date. Therefore, the delta between the current and previously approved option is the
additional five months in ‘good leaver’ bonus accruals representing the additional five
months of full-time hours worked by Al. While in substantive terms the two packages are
aligned, there will be no garden leave period this time, which means the current package
would be outside of the £95,000 cap that was previously in place.
8) Notwithstanding the equivalent terms to the exit package previously approved for Al by
BEIS Ministers, officials are cognisant that the external environment has changed
significantly since January, with the 23 April Court of Appeal verdict on historical
postmaster criminal convictions subjecting POL to significant parliamentary and media
scrutiny.
9) Approving an exit package for the incumbent CFO shortly after the Court of Appeal
verdict,
There is continued media interest in POL particularly around the
long-running Horizon dispute and the Horizon IT Inquiry, amplified by the recent Court of
Appeal verdict. As such, Al’s departure and any payments made to him are likely to attract
press and parliamentary attention (while he only joined POL in 2015, he is one of two
Board members who were around during the full litigation period). Nevertheless, we note
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10)
11)
Bo
that the various elements of the Option 2 package will not be paid out and published for
some time as per the table below;
Package Payment I Pay Out Date Publication Date
12 Months Base Salary I £244,800 31-Aug-21 21/22 Annual Report (31 Dec 22)
12 Months Benefits £71,200 31-Aug-21 21/22 Annual Report (31 Dec 22)
TI Scheme £97,920 Mar-22 21/22 Annual Report (31 Dec 22)
STIP 2021/22 £40,800 Aug-22 22/23 Annual Report (31 Dec 23)
LTIP 2019-22 £98,600 Aug-22 22/23 Annual Report (31 Dec 23)
LTIP 2021-24 £17,000 Aug-24 24/25 Annual Report (31 Dec 25)
If Ministers feel that these presentational risks are insurmountable, this would leave POL
either keeping Al in his post indefinitely (Option 3) or seeking an immediate dismissal
where Al would work out a 12 month notice period (Option 1b) or be given PILON
equivalent to a strict contractual entitlement of 12 months base salary (Option 1a). As set
out below, Option 1 is unlikely to represent value for money, and has reputational impact,
so Option 3 is likely to be preferable although it is not without risks.
Either Option 1a or Option 1b would pose significant risks of legal challenge. The absence
of ‘good leaver’ status for bonuses would be inconsistent with previous comparable exits
of senior management from POL, the terms of which Al would be familiar with in his role
<< —I
Option 1a Option 1b
Approved Payout £244,000 £0
Compensation awarded by Tribunal fs]
£201,960 (OTE) toI £381,480 (OTE) to
STIP/LTIP Award £246,636 (Stretch) I __ £522,444 (Stretch)
Repayment of previously held STIP £48,000 £48,000
‘Custom and Practice’ Benefits £71,200 £0
Total Likely Tribunal Award
Legal Fees £100,000 £100,000
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13)
14)
15)
16)
17)
Total Expected Exit Costs
Notice Period Salary and Benefits
Package
Not Applicable £316,000
Once the likelihood of legal claims and subsequent awards are taken into account, it is
expected that both Option 1a and Option 1b would ultimately pose the greatest costs and
reputational damage. Notwithstanding the above, there are significant reputational risks
for Al were he to pursue legal action, and he would also be liable to face significant non-
reimbursable legal costs, so it also a not insignificant chance that he may seek not to
contest Option 1 in employment tribunal/court.
In addition to being subject to an expected costly legal claim, Option 1b is also expected
to be unworkable in practice as POL will have an incumbent CFO who has been
dismissed but still expected to work for 12 months. It is highly unlikely that he will continue
to perform effectively in this critical role during this time due to being demotivated and
very likely to be in a legal dispute with POL over the 12 months, posing a significant
operational risk to POL. This dynamic is also likely to place at risk Al’s cooperation with
the Inquiry. Notwithstanding the above, as a director of the company, Al has a fiduciary
duty and under section 172 of the Companies Act 2006 he has a duty to promote the
success of the company. This applies even if he is serving out 12 months’ notice following
termination of his contract.
Option 3 would entail Al remaining in his post indefinitely until such time he leaves of his
own volition or the question of a termination or negotiated exit is revisited. Al is an effective
CFO and there is no suggestion that were he to remain in post that that he wouldn't
continue to be so. The concern with him is that his behaviours are not consistent with the
culture that the CEO is trying to build in the business. However, discussions relating to
his exit have been J and POL has expressed significant concerns in how the
relationship dynamics between the CEO, CFO and Board Chair would play out if Al were
to remain in his post indefinitely, highlighting a material risk that this may result in early
departures of the CEO and Board Chair and lead to significant leadership uncertainty at
a critical time for POL.
If you were to go down the route of Option 3, POL will want to understand when Ministers
will be willing to deal with this issue as the relationship between the company and the
CFO needs to be resolved and the CFO replaced. It is therefore recommended that
Ministers offer to meet with the CEO and Chair to explain their decision and indicate a
willingness to revisit the issue after the Inquiry reports. Ministers may also wish to indicate
their willingness to take an earlier decision if the Inquiry becomes a statutory inquiry or its
terms of reference change.
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Comms Handling:
18) As noted above, any legal claim from the incumbent CFO could give rise to comms risks.
On the other hand, given the current context of intense scrutiny of POL leadership (which
has included criticism for previous remuneration arrangements), a large pay-out would
likely generate significant criticism in the media.
19) That details of the proposed pay-out would not officially begin to emerge until the end of
2022 would reduce the immediate comms risks involved, notwithstanding the potential for
this information to leak.
20) Wewill prepare strong defensive lines based on your decision.
Annexes:
A- Exit Package Options
B — Draft Letter from Tim Parker to Secretary of State
C — Linklaters Legal Advice
Contributors
* This advice contains financial considerations, and BEIS Finance has been consulted
+ BEIS POL Policy colleagues have been consulted on this advice and are content with
its contents.
+ BEIS Legal have been consulted on this advice and are content with its contents.
+ BEIS Comms have been consulted with respected to handling implications.
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Annex A - Exit Package Options
Table 1 sets out Al’s contractual and ‘custom and practice’ benefits entitlement on exit. Al is
the last senior executive on an ‘old-style’ contract, which gives him a 12 month notice period.
Nick Read, POL’s CEO, was appointed in December 2019 on a ‘new-style’ contract with a 6
month notice.
Table 1: Alisdair Cameron’s Legal Entitlement on Exit
Legal Entitlement
Contractual Notice Period £244,800
(ie. 12 months’ Base Salary)
Other legal entitlement to employment benefits £71,200
(i.e. Payment in Lieu of Pension, and other benefits) "
Total Entitlement £316,000
Table 2: STIP / LTIP Entitlement as a ‘Good Leaver’
Table 2 sets out these entitlements assuming that ‘good leaver’ status is granted under Option
2 onall accrued bonuses and that POL achieves ‘on-target’ targets in relation to these bonuses
in future years (i.e. POL’s bonus schemes have three payout tiers: (i) threshold target; (ii) on-
target; and (iii) stretch target).
Full Entitlement -on target] Period Accrual Period I Payment [Pay Out Datel Publication Date
Transformation £97,920 1/4/20 ~ 31/3/21I 1/4/20 - 31/3/21] £97,920 I Mar-22 _I21/22 Annual Report (31 Dec 22)
Incentive Scheme
STIP 2021/22 £97,920 1/a/2a — 31/3/22I1/4/21 31/8/21 £40,800 I _Aug-22 I 22/23 Annual Report (31 Dec 23)
UTP 2018-21 Target Missed [1/4/18 ~31/3/21I1/4/18 ~ 31/3/21ITarget MissedI n/a nla
LTIP 2019-22 £122,400 1/4/19 — 31/3/22I1/4/19 ~31/8/21I £98,600 I Aug-22 _I22/23 Annual Report (31 Dec 23)
LTIP 2020-23 No Scheme 1/4/20 — 31/3/23] 1/4/20-31/8/21I No Scheme I _n/a ofa
LTIP 2021-24 £122,400 1/4/21 — 31/3/24I1/4/21—31/8/21I £17,000 I Aug-24 I 24/25 Annual Report (31 Dec 25)
Table 3: Side by Side comparison against previously approved settlement
Table 3 is a side by side comparison of POL’s preferred option of Option 2 against the exit
package previously approved for Al by BEIS Ministers in January.
POL’s preferred option is in-principle consistent with the exit package previously approved for
Al by BEIS Ministers in January, which was predicated on a 31 March 2021 exit date whereas
the current option is predicated on 31 August 2021 exit date. Therefore, the only delta between
the current and previously approved option is the additional five months in ‘good leaver’ bonus
accruals representing the additional five months of full-time hours worked by Al.
POL Recommended Option (predicated on Previously Approved Settlement (predicated on
31/8/2021 leave date) 31/3/2021 leave date)
Base £244,800 6 months Garden Leave Package £159,800
Benefits £71,200 3 Months PILON £61,200
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Additional Permitted Payment I £95,000
Contractual Exit Package 31/08/21 £316,000 Contractual Exit Package 31/03/21 £316,000
TI Scheme - 12/12 month accrual £97,920 TI Scheme - 12/12 month accrual £97,920
STIP 2021/22 - 5/12 month accrual £40,800 STIP 2021/22 - 0/12 month accrual £0
LTIP 2018-21 — Target Missed £0 LTIP 2018-21 — Target Missed £0
LTIP 2019-22 - 29/36 month accrual £98,600 LTIP 2019-22 - 24/36 month accrual £81,600
LTIP 2020-23 — No Scheme £0 LTIP 2020-23 - No Scheme £0
LTIP 2021-24 - 5/36 month accrual £17,000 LTIP 2021-24 - 0/36 month accrual £0
Good Leaver OTE Bonus Accrual Good Leaver OTE Bonus Accrual
31/08/21 £254,320 31/03/21 £178,520
Total Package on Exit 31/08/21 OTE £570,320 Total Package on Exit 31/03/21 OTE £495,520
TI Scheme - 12/12 month accrual £97,920 TI Scheme - 12/12 month accrual £97,920
STIP 2021/22 - 5/12 month accrual £67,320 STIP 2021/22 - 0/12 month accrual £0
LTIP 2018-21 — Target Missed £0 LTIP 2018-21 — Target Missed £0
LTIP 2019-22 - 29/36 month accrual £138,040 LTIP 2019-22 - 24/36 month accrual £114,240
LTIP 2020-23 — No Scheme £0 LTIP 2020-23 — No Scheme £0
LTIP 2021-24 - 5/36 month accrual £23,800 LTIP 2021-24 - 0/36 month accrual £0
Good Leaver Stretch Bonus Accrual Good Leaver Stretch Bonus Accrual
34/08/21 £327,080 3419321 £212,160
Total Package on Exit 31/08/21 Stretch £643,080 Total Package on Exit 31/03/21 Stretch £528,160
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ANNEX B DRAFT TEXT OF LETTER TO BE SENT TO THE SECRETARY OF STATE
LEGALLY PRIVILEGED DRAFT
The Right Honourable
Secretary of State for Business, Energy & Industrial Strategy
1 Victoria Street
London
SW1H OET
United Kingdom
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Tim Parker
Chairman
Post Office Limited
Appendices attached
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Appendices
Table 1 - Pre-approved exit package, now made compliant due to change of Exit Cap Regs and
increased accruals due to more time worked
Originally approved package ‘Same package applied to new dates and relevant legislation
(10% Feb 2021) removed (Exit Cap Regs) a.k.a Option 2 in new proposals
‘Contractual entitlement at fully loaded PILON plus “good leaver I Contractual entitlement at fully loaded PILON plus “good leaver
status” (curtailed by Exit Cap R svatus”
Proposed Last Day of I Work until 31° March 2021, then garden leave until 30" September I 31 August 2021, with no garden leave
Summary
Service 2021
Base: £61,200 Base: £244,800
: moti (capped at 3 months” pay due to Exit Cap Regs) Benefits: £71,200
Pay in lieu of notice Garden leave: ‘Total £316,000
Total £221,000
20
Overall ext otal £316,000 Total £316,000
payment
Future incentive I £179 £254,320
payments (STIP and I (eu: loverowing to less time worked) (see Table 3 in Appendix)
LTIP)
Total £570,320
Table 2 - Exit Cost Comparison by New Proposed Options
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Originally approved : :
Option 1A Option 1B i i
tae ption ption Option 2 Option 3
LDOS 31" March 2021 15" May 2021 15™ May 2022 31" August 2021 NA
Summary
Base: £61,200 Base: £244,800 Base: £0 Base: £244,800 NIA
Garden leave: £159,800 I Benefits: £0 Benefits: £0 Benefits: £71,200
Total £221,000 Total £244,800 Total £0 ‘Total £316,000
Pay in lieu of
notice PILON capped at 3 months
I o % ERD Fan addivonat I NIA
ottlement ‘would be given to POL to
settieme use in n tiations if
payments required
Overall nitial
exit payment I £316,000 £244,800 £0 £316,000 N/A
Aug 2021
Incentives entitlement entitlement employee
(STIP and P ts ot ded P its. not d
xT ‘good leaver” status not I “good teaver” status not I Good teaver status
LTIP) applied applied applied
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Up to
entit
Total Regs
ia £244,800
ml
Lowest package but runs the
Compliant with Exit Cap I second highest risk
of
tribunal claims which, if
awarded, make this a difficult
option. Legal risk
shown below
costs
£0
No package as notice period is
worked but runs the highest
risk of tribunal claims which,
if awarded, make this the
highest package. Legal risk
casts shown below
Up to £570,320 on-target,
entitlement
Same package asin
previously approved SoS
package, but updated with
new timeline and in
accordance with revoking
Exit Cap Regs
NIA
In addition to this, the potential legal claims that could be met as a result of each option are outlined below. For
more detail on any of the claims, and the likelihood they would be awarded, please refer to the legal advice note.
Potential Legal
Costs and
Payment
Likelihood of
potential award
hroken down in
more detail in legal
advice note
Total Expected
Exit Costs
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Table 3 - Entitlement to Incentive Plans
LDOS as 31/08/21 in Option 2 - Recommended Option
Al currently participates in the incentive plans detailed below. If Al secures “good leaver status” the expected
value of his incentives with an assumption of ‘on-target entitlement’ is £254,320 and stretch is £327,080. This
is detailed below:
Potential Award — pro-
Performance years Fro automat) rated for LDOS Comments Payment date
(as of 31 August 2021)
Transformation Incentive *
Transformation Incentive
2020-21 £97,920 £97,920 replaces STIP 2020-21; full I March 2022
entitlement.
STIP.
2021-22 £97,920 £40,800 Pro-ration 5/12 months August 2022
LTP
2018-21 £122,400 £0 Target missed
2019-22 £122,400 £98,600 Pro-ration 29/36 months I August 2022
2020-23 Plan withdrawn £0 Plan withdrawn
2021-24 £122,400 £17,000 Pro-ration 5/36 months August 2024
TOTALS
On-target entitlement I £563,120 £254,320
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Stretch £773,608 £327,080 -
Any payment is subject to the respective scheme rules and the Committee’s approval for every individual scheme.
Stretch is awarded if we overachieve on our company performance targets and the Committee would need to
agree this. For the only historic scheme here (LTIP 2019-22) we are tracking under company performance target
and therefore it is unlikely that stretch will be awarded in this case.
*Please note: the eligibility period for the Transformation Incentive Scheme is 1% April 2020 to 31* March
Table 4 - Publication in Annual Reports
LDOS as 31/08/21 in Option 2 - Recommended Option
Table below details when the exit packages will be made publicly available through the publication of our annual
reports.
Package I Payment Pay out date Publication date
12 Months Base Salary I £244,800 31-Aug-21 21/22 Annual Report (31 Dec 22)
12 Months Benefits £71,200 31-Aug-21 21/22 Annual Report (31 Dec 22)
TI Scheme 2020-21
(12/12 month accrual)
STIP 2021-22
(5/12 month accrual)
£97,920 Mar-22 21/22 Annual Report (31 Dec 22)
£40,800 Aug-22 22/23 Annual Report (31 Dec 23)
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LTIP 2018-21
(target missed)
LTIP 2019-22
£0
(29736 month accrual) I £22600 Aug-22 22/23 Annual Report (31 Dec 23)
LTIP 2020-23 £0 . .
(no scheme)
LTIP 2021-24 £17,000 ‘Aug-24 24/25 Annual Report (31 Dec 25)
(5/36 month accrual)
Table 5 - Entitlement to Incentive Plans
LDOS as 15/05/21 in Options 1A.
Al currently participates in the incentive plans detailed below. If Al secures “good leaver status” the expected
value of his incentives with an assumption of ‘on-target entitlement’ is £201,960. This is detailed below:
Potential Award
Potential Award — pro-
Performance years : rated for LDOS Comments Payment date
(Total entitlement) ee ee
Transformation Incentive *
Transformation Incentive
2020-21 £97,920 £97,920 replaces STIP 2020-21; full I March 2022
entitlement
‘STIP
2021-22 £97,920 £12,240 Pro-ration 1.5/12 months August 2022
TIP
2018-21 £122,400 £0 Target missed -
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2019-22 £122,400 £86,700 Pro-ration 25.5/36 months August 2022
2020-23 Plan withdrawn £0 Plan withdrawn
2021-24 £122,400 £5,100 Pro-ration 1.5/36 months August 2024
TOTALS
On-target entitlement I £563,120 £201,960 - -
Table 6 - Entitlement to Incentive Plans
LDOS as 15/05/22 in Options 1B.
Al currently participates in the incentive plans detailed below. If Al secures “good leaver status” the expected
value of his incentives with an assumption of ‘on-target entitlement’ is £381,560. This is detailed below:
Performance years
Potential Award
(Total entitlement)
Potential Award — pro-
rated for LDOS
(as of 15 May 2022)
Comments
Payment date
Transformation Incentive *
Transformation Incentive
2020-21 £97,920 £97,920 replaces STIP 2020-21; full I March 2022
entitlement **
sTIP
2021-22 £97,920 £97,920 Full entitlement August 2022
2022-23 £97,960 £12,240 Pro-ration 1.5/12 months —_I August 2023
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LTIP
2018-21 £122,400 £0 Target missed -
2019-22 £122,400 £122,400 Full entitlement August 2022
2020-23 Plan withdrawn £0 Plan withdrawn -
2021-24 £122,400 £45,900 Pro-ration 13.5/36 months August 2024
2022-25 £122,400 £5,100 Pro-ration 1.5/36 months I August 2025
TOTALS
On-target entitlement I £563,120 £381,480
** It is POL's position that we would not intend to pay out the Transformational Incentive Scheme payment
despite the pay out date (March 2022) being within Al’s worked notice period, due to scheme rules that state
bonus ineligibility if the employee is “dismissed for a reason other than.. a Special Case... prior to the Payment
UKGI00049022
UKG100049022
Error! Unknown document property name./Error! Unknown document property name./Error! Unknown document property name.
1
UKGI00049022
UKG100049022
Error! Unknown document property name./Error! Unknown document property name./Error! Unknown document property name.
UKGI00049022
UKG100049022
Error! Unknown document property name./Error! Unknown document property name./Error! Unknown document property name.
UKGI00049022
UKG100049022
Error! Unknown document property name./Error! Unknown document property name./Error! Unknown document property name.
UKGI00049022
UKG100049022
Error! Unknown document property name./Error! Unknown document property name./Error! Unknown document property name.
UKG100049022
UKG100049022
Error! Unknown document property name./Error! Unknown document property name./Error! Unknown document property name.
UKGI00049022
UKG100049022
DRAFT/ 30 April 2021 Privileged and confidential
Error! Unknown document property name./Error! Unknown document property name./Error! Unknown document property name.
UKGI00049022
UKG100049022
Error! Unknown document property name./Error! Unknown document property name./Error! Unknown document property name.
UKG100049022
UKG100049022
DRAFT/ 30 April 2021 Privileged and confidential
Linklaters LLP
30 April 2021
Error! Unknown document property name./Error! Unknown document property name./Error! Unknown document property name.
9