TIDMROO

RNS Number : 7568Y

Deliveroo PLC

17 May 2021

Deliveroo plc - Performance share awards

As referenced in the IPO prospectus, performance share awards to the CFO will be granted within 42 days of the IPO under the terms of the Deliveroo Incentive Plan ("DIP"). The CEO is not being granted a share award. The table below set outs the number of shares that have been granted to the CFO based on the IPO price.

Awards granted will vest based on a Total Shareholder Return (TSR) performance matrix (covering both absolute and relative TSR) over three years with a 2 year post vesting holding period. Relative TSR will be compared to a FTSE 100 peer group as at the date of grant. The TSR matrix ensures that participants only receive payouts where long term value is delivered to shareholders, which is the company's priority. The matrix means that both absolute and relative TSR must be exceptional in order for full payouts to be delivered.

Details of the targets for the three year period commencing from the admission date applying to the DIP awards, are set out below. Payouts occur on a straight-line basis between each of the performance points with the starting point for measurement of TSR for Deliveroo being the IPO offer price of GBP3.90.

 
                                                 The company's TSR Percent Rank vs 
                                                             peer group 
                                             <50%       50%          65%       >=80% 
                                                     (threshold)   (target)   (maximum) 
-------------------  ---------------------  ------ 
   The company's            <10% per          Nil       Nil          Nil        Nil 
   TSR calculated             annum 
  based on compound 
    annual growth 
     rate (CAGR) 
      per annum 
                      --------------------  ------  ------------  ---------  ---------- 
         10% per 
    annum (threshold)               Nil                 25%          45%        65% 
  --------------------  --------------------------  ------------  ---------  ---------- 
         15% per 
      annum (target)                Nil                 45%        63.75%      82.5% 
  --------------------  --------------------------  ------------  ---------  ---------- 
        >=20% per 
     annum (maximum)                Nil                 65%         82.5%       100% 
  --------------------  --------------------------  ------------  ---------  ---------- 
 

The Remuneration Committee has discretion to adjust vesting outcomes if it is felt they are not appropriate in light of the overall underlying company performance and shareholder experience over the relevant period.

The attached notification, which has been made in accordance with the requirements of the EU Market Abuse Regulation (as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018), provides further detail.

 
 1.    Details of the person discharging managerial responsibilities/person 
        closely associated 
 (a)   Name                          Adam Miller 
      ----------------------------  ----------------------------------------- 
 2.    Reason for the notification 
      ----------------------------------------------------------------------- 
 (a)   Position/status               Chief Financial Officer 
      ----------------------------  ----------------------------------------- 
 (b)   Initial notification/         Initial notification 
        Amendment 
      ----------------------------  ----------------------------------------- 
 3.    Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      ----------------------------------------------------------------------- 
 (a)   Name                          Deliveroo plc 
      ----------------------------  ----------------------------------------- 
 (b)   LEI                           984500F6537F74DDEE77 
      ----------------------------  ----------------------------------------- 
 4.    Details of the transaction(s): section to be repeated 
        for (i) each type of instrument; (ii) each type of 
        transaction; (iii) each date; and (iv) each place where 
        transactions have been conducted 
      ----------------------------------------------------------------------- 
 (a)   Description of                Class A Ordinary Shares of 0.5p each 
        the financial 
        instrument, type 
        of instrument 
      ----------------------------  ----------------------------------------- 
 (b)   Identification                ISIN: GB00BNC5T391 
        code 
      ----------------------------  ----------------------------------------- 
 (c)   Nature of the                 The grant of a conditional award over 
        transaction                   shares under the Deliveroo Incentive 
                                      Plan 
      ----------------------------  ----------------------------------------- 
 (d)   Price(s) and volume(s)        GBP0.005 
                                      769,230 shares 
      ----------------------------  ----------------------------------------- 
 (e)   Aggregated information 
         *    Aggregated volume 
                                       769,230 
                                       GBP3,846.15 
         *    Price 
      ----------------------------  ----------------------------------------- 
 (f)   Date of the transaction       15 May 2021 
      ----------------------------  ----------------------------------------- 
 (g)   Place of the transaction      Outside a trading venue 
      ----------------------------  ----------------------------------------- 
 

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END

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May 17, 2021 02:00 ET (06:00 GMT)

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