11 August 2017

Card Factory plc

(the "Company")

Disclosure for the purposes of s430(2B) of the Companies Act 2006

Further to the announcements made on 26 January and 25 May 2017, the Company announces that, Darren Bryant, retired as and ceased to be a director of the Company with effect from 31 July 2017. 

In accordance with section 430(2B) of the Companies Act 2006, the following arrangements, which have been approved by the Company's Remuneration Committee, will apply in respect of Darren's remuneration upon retirement:

1.   Darren's received his contractual salary, benefits in kind and car allowance until 31 July 2017. 

2.   Darren will not be eligible for an annual bonus for the financial year ending 31 January 2018.

3.   Darren will not receive any long-term incentive award in the financial year ending 31 January 2018. 

4.   Any outstanding awards under the Company's long term incentive plan will be pro-rated to reflect Darren's retirement date and will only vest to the extent that the applicable performance conditions are satisfied at the relevant award's normal vesting date and malus and/or clawback provisions will continue to apply in accordance with the rules of the relevant share plan.

5.   The holding periods for any vested and unvested awards made to Darren under the Company's long-term incentive plan will not apply (at the point at which such awards vest or vested). 

6.   In accordance with the scheme rules, Darren will be treated as a "good leaver" for the purpose of the Group's Save As You Earn Scheme.

Details of the leaving arrangements, including the exact number of Darren's outstanding share and option awards, on retiring from the Company will be set out in the Company's Annual Report on Remuneration for the financial year ending 31 January 2018.

Card Factory plc

ENDS