Section 430(2B) Companies Act 2006 Statement
Further to the announcement by ASOS on 17 August 2022, Mat Dunn will step down from the role of Chief Financial Officer and Chief Operating Officer of ASOS plc (the "Company" or "ASOS") and from his position on the ASOS board on 31 October 2022 or a later date to be agreed.
As required by section 430(2B) of the Companies Act 2006, details of the remuneration payments made or to be made to Mathew are set out below. These arrangements comply with the Company’s Directors’ Remuneration Policy, which was approved by shareholders at the 2021 AGM.
Salary and benefits
Mat will remain an employee of the Company until 31 December 2022, when his employment will end.
Mat will receive his salary and normal benefits during the remainder of his employment and thereafter will receive an amount in lieu of his salary for the remainder of his 12-month notice period.
Mat will be eligible to receive a bonus in respect of the 2022 financial year, which will be assessed and paid in the normal way.
Mat will be eligible to receive a bonus in respect of the 2023 financial year, pro-rated for time to the date he steps down from the role of Chief Financial Officer of ASOS and from his position on the ASOS board, which will be assessed and paid in the normal way.
ASOS Long Term Incentive Scheme (“ALTIS”)
Mat’s outstanding ALTIS awards granted on 20 November 2019 will vest subject to the satisfaction of applicable performance conditions on the normal vesting date on 31 October 2022.
Mat’s outstanding ALTIS awards granted on 20 November 2020 and 23 November 2021 will be pro-rated for time as detailed below and will vest on the normal vesting date, subject to the satisfaction of applicable performance conditions. The Company’s Remuneration Committee has exercised its discretion to permit this outcome, which is as contemplated by the Company’s remuneration policy.
Date of grant
Number of shares subject to award
Number of share pro-rated for time
|23 November 2021||48,791||18,937||31 October 2024|
|20 November 2020||25,633||18,510||31 October 2023|
|20 November 2019||27,173||27,173||31 October 2022|
Mat will receive a contribution of £10,000 towards legal fees incurred in connection with his departure.
Mat will receive a contribution of £25,000 towards the cost of outplacement support.
The relevant remuneration details relating to Mat Dunn will be included in the Directors’ Remuneration Report in the Annual Report and Accounts.
In accordance with section 430(2B) of the Companies Act 2006, the information contained in this document will be made available on the Company’s website until its next Directors’ Remuneration Report is made available.