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DocuSign Envelope ID: 0004639A-8CBC-4245-BE15-2ACBA87A708A
STRICTLY PRIVATE AND CONFIDENTIAL
SENIOR INDEPENDENT DIRECTOR APPOINTMENT LETTER
Scott Forbes
44 Cranley Gardens,
Flat 1,
London SW7 3DE
17 February 2021
Dear Scott
I am writing to set out the terms of the agreement which we have reached in relation to your
proposed appointment as a non-executive director and Senior Independent Director of Auction
Technology Group plc (the "Company").
1. APPOINTMENT
1.1 Your appointment will be for an initial term of three years, unless otherwise terminated
earlier by, and at the discretion of, either party upon one month's written notice or
automatically in accordance with paragraph 1.3 below.
1.2 It is acknowledged that the Company has been established in order to facilitate the
admission of the whole of the ordinary share capital of the Company, issued and to be
issued, to (i) the premium segment of the Official List of the Financial Conduct Authority
and (ii) trading on London Stock Exchange plc's main market for listed securities
("Admission").
1.3 Your appointment is subject to the Company's articles of association as amended from
time to time. Nothing in this letter shall be taken to exclude or vary the terms of the
articles of association as they apply to you as a director of the Company. Your continued
appointment as non-executive director is also subject to election by the Company's
shareholders at the Company's next annual general meeting ("AGM") and to re-election
at any subsequent AGM. If there is a conflict between the terms of this letter and the
articles of association of the Company then the articles of association shall prevail.
In accordance with Provision 18 of the FRC's UK Corporate Governance Code, all directors
will be subject to annual election or re-election at each AGM.
The Harlequin Building +44 (0)203 725 5500 www.the-saleroom.com
65 Southwark Street +44 (0)203 725 5505 www.i-bidder.com
London SE1 0HR www.bidspotter.co.uk
www.bidspotter.com
www.antiquestradegazette.com
Metropress Ltd (t/a The Auction Technology Group). Registered in England No. 1010311, Registered Address: The Harlequin Building, 65 Southwark Street, London, SE1 0HR
DocuSign Envelope ID: 0004639A-8CBC-4245-BE15-2ACBA87A708A
If the shareholders do not re-elect you as a director, or you are retired from office under
the articles of association, your appointment shall terminate automatically, with
immediate effect and without compensation.
1.4 The terms of your appointment under this letter are conditional upon and subject to the
Admission. If Admission occurs, the terms of this letter will become effective from and
including the date thereof. If Admission does not successfully occur by the date which is
three months from the date of this letter, your appointment will terminate with
immediate effect and without notice or payment in lieu of notice or payment of any
compensation or liquidated damages. Between the date of this appointment letter and
Admission we would like you to attend meetings of the board as an observer for which
the Company would pay you a fee of £2,500 per meeting that you attend.
1.5 Continuation of your contract of appointment is also contingent on satisfactory
performance and any relevant statutory provisions relating to the removal of a director.
1.6 Non-executive directors are typically expected to serve two three-year terms but may be
invited by the Board to serve for an additional period. Any term renewal is subject to
Board review and AGM re-election. Notwithstanding any mutual expectation, there is no
right to re-nomination by the Board, either annually or after any three-year period.
1.7 You will be chair of the Remuneration Committee and may be required to serve on one
or more committees of the Board. You will be provided with the relevant terms of
reference on your appointment to such a committee. You also may be asked to serve as
a non-executive director on the Board of any of the Company's subsidiaries or joint
ventures. Any such appointment will be covered in a separate communication.
1.8 If there are matters which arise which cause you concern about your role you should
discuss them with the Chair. If you have any concerns which cannot be resolved, and you
choose to resign for that, or any other, reason, you should provide an appropriate written
statement to the Chair for circulation to the Board.
2. TIME COMMITMENT
2.1 During your appointment, you will be required to devote such time as is necessary for the
proper performance of your duties as a non-executive director of the Company and you
should be prepared to spend at least 20 days per annum on company business after the
induction phase. This is based on preparation for and attendance at:
2.1.1 scheduled Board meetings;
2.1.2 the AGM;
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DocuSign Envelope ID: 0004639A-8CBC-4245-BE15-2ACBA87A708A
2.1.3 meetings of the non-executive directors, including scheduled meetings of
any committee of the Board of which you are a member and meetings of any
committee of the Board to which you are invited as a non-member of that
committee;
2.1.4 meetings with shareholders;
2.1.5 meetings with key stakeholders;
2.1.6 meetings with managers and non-managerial members of the workforce;
2.1.7 updating meetings/training; and/or
2.1.8 meetings as part of the Board evaluation process, as well as an estimate of
the time to be spent during your appointment liaising with the Company
Secretary, and a reasonable amount of time for addressing ad hoc queries in
respect of the Company.
2.2 Meetings may involve you in some overseas travel. Unless urgent and unavoidable
circumstances prevent you from doing so, it is expected that you will attend the meetings
outlined above. In addition, further Board meetings may have to be called at short notice
to discuss particular issues.
2.3 Your time commitment may increase if you are appointed to chair or to serve on any
committees of the Board. In these circumstances you agree to work such additional hours
(without any additional remuneration) as may be required for the proper performance of
your duties.
2.4 Information on the Company and the Group (as defined below) will be sent to you on a
regular basis and you will be required to read, consider and act upon such information to
the extent commensurate with your position as a non-executive director of the Company.
2.5 By accepting this appointment, you have confirmed that you are able to allocate sufficient
time to meet the expectations of your role and discharge your duties effectively. The
agreement of the Chair (such agreement not to be unreasonably withheld) should be
sought before accepting additional commitments, including further directorships of
publicly quoted companies, that might affect the time you are able to devote to your role
as a non-executive director and Senior Independent Director of the Company, or that
might give rise to a conflict of interest.
2.6 You should be aware that additional time commitment may be required from you when
the Company and/or any subsidiary undertakings of the Company from time to time (the
"Group") is undergoing a period of particularly increased activity, or as a result of some
major difficulty with one or more of its operations.
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DocuSign Envelope ID: 0004639A-8CBC-4245-BE15-2ACBA87A708A
3. ROLE AND DUTIES
3.1 It is agreed that this is a contract for services and not a contract of employment.
3.2 You will be expected to perform your duties, whether statutory, fiduciary or common law,
faithfully, efficiently and diligently to a standard commensurate with both the functions
of your role and your knowledge, skills and experience.
3.3 You will exercise your powers in your role as a non-executive director having regard to
relevant obligations under prevailing law and regulation, including the Companies Act
2006, the UK Corporate Governance Code and associated guidance and the UK Listing
Authority's Listing Rules, Prospectus Regulation Rules, and Disclosure Guidance and
Transparency Rules and the EU Market Abuse Regulations (596/20141 EU) or the UK
equivalent of those regulations which are incorporated into UK law by virtue of the
European Union (Withdrawal) Act 2018 (together, "MAR").
3.4 You will have particular regard to the general duties of directors as set out in Part 10,
Chapter 2 of the Companies Act 2006 (the "Companies Act"), including the duty to
promote the success of the company:
"A director of a company must act in the way he considers, in good faith, would be most
likely to promote the success of the company for the benefit of its members as a whole,
and in doing so have regard (amongst other matters) to:
(a) the likely consequences of any decision in the long term;
(b) the interests of the company's employees;
(c) the need to foster the company's business relationships with suppliers,
customers and others;
(d) the impact of the company's operations on the community and the
environment;
(e) the desirability of the company maintaining a reputation for high standards
of business conduct; and
(f) the need to act fairly as between members of the company."
3.5 You will have particular regard to the FRC's UK Corporate Governance Code (the "Code")
and associated Guidance on Board Effectiveness in respect of the role of the Board and
the role of the non-executive director. Your attention is drawn in particular to paragraph
1 in section 1 of the Code which sets out the role of the Board generally and Principle H
which sets out your additional responsibilities as a non-executive director of the
Company.
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