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Section 430(2B) Companies Act 2006 Statement

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

Jim French stood down as a director on 5 November 2013. The following arrangements applied in respect of Mr French’s employment and remuneration:

Remuneration Payment
1. In the period from 6 November 2013 to 31 December 2013 (“Handover Period”), Mr French remained employed by Flybe Group plc on his existing terms (save as set out at paragraph 2 below), which were salary £510,000 p.a., car allowance £13,500 p.a., pension employer’s contribution 15%, fuel card, life insurance at 4 x salary, private medical insurance, and income protection insurance. In addition to the above, Mr French was repaid the sum of £13,000 in respect of a reduction in his salary applied in the period from July to October 2013.

2. During the Handover Period Mr French performed the role of director special projects,
including providing a handover of his duties to the new chairman (Simon Laffin) and
managing lobbying activities on behalf of Flybe Group plc over Airport Passenger Duty. At
the end of the Handover Period, on 31 December 2013 (“the Termination Date”), Mr French
ceased to be employed by Flybe Group plc.

Compensation for loss of office
3. Following the Termination Date, in accordance with the terms of his agreement with Flybe
Group plc, Mr French is entitled to receive the sum of £199,000 as compensation for loss of
office, made up of £154,000 which equates to 12 months notice entitlement under the terms
of a letter of appointment entered into with Mr French for his services as a non-executive chairman, together with a further £45,000 payable by way of settlement of any claim arising
in connection with the termination of his employment. Such amounts to be payable in two
instalments on or about 20 January 2014 and on or about 20 July 2014. In addition Flybe
Group plc made a contribution to the legal fees incurred by Mr French in the amount of £25,000 plus VAT.

4. The following arrangements applied to Incentives:-

  • Free Share Award – All rights were forfeited in accordance with the rules of the SIP and Free Shares Agreement
  • PSP Award – All rights lapsed in accordance with the rules of the PSP

 

16th May 2014