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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May 13, 2016 02:05 ET (06:05 GMT)

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