Summary
This 8-K filing from CRH Public Limited Company (CRH) details the remuneration arrangements for Mr. Mark Towe following his retirement as an Executive Director on December 31, 2016. While he stepped down from the Board, Mr. Towe continues his employment with CRH as Chairman of CRH Americas. The filing clarifies that all his outstanding salary and pension entitlements related to his directorship were settled before his retirement and will be detailed in the upcoming 2016 Directors' Remuneration Report. No payment for loss of office was made. Key aspects of his ongoing compensation include an annual bonus for 2016, with 25% deferred for three years, consistent with the company's Remuneration Policy. Outstanding deferred bonus share awards and long-term incentive awards under the 2014 Performance Share Plan will continue and vest based on their original schedules, subject to performance criteria and continued employment. His vested share options from the 2010 Scheme remain exercisable. For 2017 onwards, Mr. Towe will be compensated as an employee under the company's standard framework.
Key Highlights
- 1Mr. Mark Towe retired as an Executive Director but remains a Group employee as Chairman, CRH Americas.
- 2No payment for loss of office was made to Mr. Towe upon his retirement from the Board.
- 325% of Mr. Towe's 2016 annual bonus will be deferred for three years, in line with company policy.
- 4Outstanding deferred bonus share awards and long-term incentive awards will continue to vest according to their original terms, subject to performance and continued employment.
- 5Vested share options granted under the 2010 Share Option Scheme remain exercisable.
- 6Mr. Towe's remuneration from 2017 onwards will follow the company's standard employee compensation framework.
- 7Further details on Mr. Towe's remuneration will be disclosed in the 2016 Directors' Remuneration Report.