Director/PDMR Shareholding

RNS Number : 3790S

Tesco PLC

07 July 2015

 



DIRECTOR/PDMR SHAREHOLDING - GRANT OF AWARDS

7 July 2015

Tesco PLC (the "Company")

On 6 July 2015, the persons listed below were granted nil-cost options over Tesco PLC Ordinary Shares.

DIRECTOR	Number of Shares subject to option	Vesting date	Arrangement
Alan Stewart	56,950	6 July 2018	Listing Rule 9.4.2 arrangement
PDMR	Number of Shares subject to option	Vesting date	Tesco PLC Share Plan
Matt Davies	408,268	1 November 2015	Long-Term Incentive Plan 2015
Matt Davies	314,524	7 August 2016	Long-Term Incentive Plan 2015
Matt Davies	408,268	1 November 2016	Long-Term Incentive Plan 2015
Matt Davies	306,201	1 November 2017	Long-Term Incentive Plan 2015
Matt Davies	157,262	7 August 2018	Long-Term Incentive Plan 2015
Benny Higgins	250,838	6 July 2018	Group Bonus Plan
Jason Tarry	47,179	6 July 2018	Group Bonus Plan

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 will become exercisable on vesting dates shown above, subject to continuous employment.

Buy-Out Awards

The nil-cost option was awarded to Alan Stewart under an arrangement to which Listing Rule 9.4.2 applies in respect of the buy-out of the portion of the 2014/15 bonus Alan forfeited on leaving his previous employment.  This was previously disclosed in the RNS announcement made on 27 October 2014 and the Directors' Remuneration Report of the Tesco PLC Annual Report and Financial Statements 2015.  The number of shares subject to the option awarded has been calculated using a market price of 207.40 pence per share. 

The Remuneration Committee believes that the award fairly reflects the bonus Alan forfeited on leaving his previous employment in terms of value and timescale of vesting.

The nil-cost options awarded to Matt Davies are in respect of the buy-out of awards forfeited on leaving his previous employment.  The number of shares subject to the option awarded has been calculated using the average market prices over the four dealing days immediately after joining Tesco.  Matt joined Tesco on 11 May 2015 resulting in an average market price for his award of 228.0125 pence per share. 

The Remuneration Committee believes that the awards fairly reflect the share awards Matt forfeited on leaving his previous employment in terms of value and timescale of vesting.

Group Bonus Plan Awards

The nil-cost options awarded to Benny Higgins and Jason Tarry have been awarded in respect of the deferred annual bonus for the 2014/15 financial year and relate to the performance against business targets in the respective business units where they worked during the 2014/15 financial year. The number of shares subject to the options awarded was calculated using a market price of 207.40 pence per share.

This announcement is made in accordance with the requirements of DTR 3.1.4.

Enquiries:

Paul Moore Company Secretary Tesco PLC Delamare Road Cheshunt Hertfordshire EN8 9SL Tel: [phone]

 

END

 

 

RDSBDLFBEDFBBBX