Rok settles out of court in dispute with Mark Kay over £5.025m claim for bonus payments
ROK has paid a former director £1.25m in a dispute over bonus payments.
The out of court settlement came after former director Mark Kay issued a claim of £5.025m for amounts allegedly owed under bonus provisions in his contract.
The Building and maintenance services provider said it paid £815,000 in full and final settlement of legal proceedings, plus interest, legal fees and termination of Kay’s contract, which amounted to £1.25m.
Kay ceased to be a director of Rok in October 2004.
Stephen Pettit, chairman of Rok said it was in the shareholders’ best interests to avoid a potentially lengthy court case. He said: “The settlement… enables the board to put this issue firmly behind us,” he said.