02 January 2014
Retirement of a Director
Further to the announcement dated 24 July 2013 in respect of Maroun Semaan, Petrofac Limited (the "Company") confirms that Mr Semaan retired as a director and employee of the Company with effect from 31 December 2013.
The Company hereby confirms that no payments for loss of office are to be made to Mr Semaan. The payments that may be made to Mr Semaan following his retirement are set out below:
Mr Semaan will remain eligible for consideration of payment of a bonus in respect of the 2013 financial year. The amount of any bonus will not be determined or paid until early 2014 and will only be paid following publication of the Company’s full year results. Details of any bonus paid in respect of the 2013 financial year will therefore be disclosed in the 2013 Directors’ Remuneration Report.
Performance Share Plan (‘PSP’)
As a good leaver under the rules of the PSP, Mr Semaan's entitlement to his outstanding PSP awards will be pro-rated to the date of his retirement. Details of the operation of the PSP are set out in the Directors’ Remuneration Report 2012. Mr Semaan received awards in 2011 and 2012, which are due to vest in March 2014 and March 2015. The actual amount of shares to be issued to Mr Semaan will therefore be calculated in March 2014 and 2015, in so far as vesting conditions are met at that time. Full details will be disclosed in the Company’s 2013 and 2014 Directors’ Remuneration Reports respectively.
End of Service Indemnity
As a non-UAE national, working in the UAE, Mr Semaan is entitled by local statute to receive a cash lump sum, known as an end of service indemnity payment on cessation of his employment within the UAE. As previously disclosed in the Company’s directors’ remuneration reports, the sum receivable is calculated based on years of service and salary.
The Company's Remuneration Report for the financial year ending 31 December 2013 will be published in March 2014.