The following information is provided in accordance with section 430(2B) of the Companies Act 2006.

David Hall has stepped down from the Board and retires from the Company today. He has not and will not receive any loss of office payments.

Annual Bonus

In accordance with the terms of his contract he will receive any annual bonus that is due for 2017, pro-rated for his service during the year.  This will be subject to malus and clawback provisions and will be paid after the announcement of the Group’s 2017 audited results.

Share Incentives

David Hall’s outstanding share incentive benefits will be treated in accordance with the rules of the applicable plans and will remain subject to the terms contained therein.

Long Term Incentive Plan (LTIP) – David Hall was granted options over 194,340 ordinary shares on 10 May 2016 and 143,383 ordinary shares on 2 May 2017. He will be treated as a good leaver in respect of these awards and these options will therefore be exercisable in accordance with the rules of the LTIP on the normal vesting date, subject to the achievement of the relevant performance criteria and will be time pro-rated for his service during the performance period.

Deferred Share Bonus Plan (DSBP) – David Hall was granted options over 42,801 ordinary shares on 28 April 2015, 31,174 ordinary shares on 26 April 2016 and 23,934 ordinary shares on 25 April 2017, each award representing the 25% retained value of his 2014, 2015 and 2016 annual bonus awards. He will be treated as a good leaver in respect of these awards which will vest on 2 October 2017. In accordance with the DSBP rules, he will also receive the value of dividends paid in respect of the vested shares between grant and vesting. Under the rules of the DSBP he has taken up the option to receive a cash amount in substitution for the right to receive these shares. The DSBP awards are exercisable for a period of six months from the date of retirement.

Sharesave Scheme - Outstanding options held under the all-employee Sharesave may be exercised in accordance with the rules of the scheme.

The Company’s Remuneration Report for the year ending 31 December 2017 will include details of remuneration earned by David Hall as an executive director during the relevant period.

Emma Versluys
Company Secretary
Polypipe Group plc

Date: 02 October 2017