Tesco PLC Director/PDMR Shareholding (1670Y)
May 13 2016 - 02:05AM
UK Regulatory
TIDMTSCO
RNS Number : 1670Y
Tesco PLC
13 May 2016
DIRECTOR/PDMR SHAREHOLDING
13 May 2016
Tesco PLC (the "Company")
Grant of Awards under the Tesco PLC Executive Incentive Plan
2014 (the "EIP"), the Tesco PLC Group Bonus Plan (the "GBP") and
the Tesco PLC Performance Share Plan 2011 (the "PSP")
On 12 May 2016, the persons listed below were granted nil-cost
options over Ordinary Shares of 5 pence each in the Company, the
number of shares being calculated using a market price of 159.04
pence per share.
The nil-cost options granted under the EIP and GBP have been
awarded in respect of the annual deferred bonus for the 2015/16
Financial Year, as disclosed in the Directors' Remuneration Report
of the Tesco PLC Annual Report and Financial Statements 2016 (the
"Directors' Remuneration Report").
Under the terms of Tesco's remuneration policy, 50% of the
annual bonus for the CEO and CFO is delivered in cash and 50% is
delivered in shares deferred for three years. To demonstrate their
commitment to the business at this early stage of the turnaround,
Dave Lewis and Alan Stewart have offered to defer a further 50% of
their cash bonus for the 2015/16 Financial Year into shares.
As a result, additional nil-cost options have been granted to
Dave Lewis and Alan Stewart under the EIP. Details of this
voluntary bonus deferral are outlined in the Directors'
Remuneration Report.
Director Number of Shares subject Number of Shares subject Voluntary Bonus
to option (PSP) to option (EIP) Deferral Number
of Shares subject
to option (EIP)
Dave Lewis 2,161,405 939,720 469,860
Alan Stewart 1,178,948 507,449 253,724
PDMR Number of Shares subject Number of Shares subject
to option (PSP) to option (GBP)
Matt Davies 954,948 391,741
Benny Higgins 1,098,509 379,058
Alison
Horner 717,979 315,911
Trevor
Masters 1,247,905 530,498
Adrian
Morris 676,718 277,605
Jason Tarry 778,106 330,954
Robin Terrell 778,106 307,784
The nil-cost options granted under the EIP and GBP will become
exercisable on 12 May 2019, subject to continuous employment, with
the exception of the nil-cost options granted in respect of the
voluntary bonus deferral which will become exercisable on the
earlier of 12 May 2019 or the resumption of dividend payments to
the Company's Ordinary Shareholders.
The nil-cost options granted under the PSP will become
exercisable on 12 May 2019, subject to the achievement of the
relative Total Shareholder Return, Cumulative Retail Cash Generated
from Operations and Key Stakeholder performance targets over the
performance period, as outlined in the Directors' Remuneration
Report.
In the event that dividends are paid in the period between grant
and exercise, the number of shares subject to option in each case
will be increased to reflect the dividends that would have accrued
had they been reinvested in shares.
The nil-cost options granted under the EIP and GBP contribute
towards the shareholding guidelines policy for Directors and PDMRs.
From 2016/17, the shareholding guidelines for PMDRs have been
increased from a minimum of 100% of annual salary to a minimum of
200%. The shareholding guidelines for Directors are outlined in the
Directors' Remuneration Report.
Release of Shares under the Tesco PLC Group Bonus Plan (GBP)
The Company was informed that, on 10 May 2016, Jason Tarry
received 15,685 Ordinary Shares of 5 pence each in the Company upon
their release following the end of the three-year holding period
from the Tesco PLC Group Bonus Plan. The share award was granted on
10 May 2013 as part of the annual bonus for the 2012/13 Financial
Year.
This represents the gross number of shares released including
dividend equivalent shares which have accrued between grant and
vesting. A proportion of the shares released have been retained to
cover Income Tax and National Insurance Contributions due on
release.
The share price on release was 159.9 pence per share.
This announcement is made in accordance with the requirements of
DTR 3.1.4.
Enquiries: Paul Moore
Company Secretary
Tesco PLC
Tesco House
Shire Park
Kestrel Way
Welwyn Garden
City
Hertfordshire
AL7 1GA
Tel: 01707 913005
This information is provided by RNS
The company news service from the London Stock Exchange
END
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