Burberry Group PLC has announced the granting of conditional share awards over Ordinary Shares to its Executive Directors and Persons Discharging Managerial Responsibilities (PDMRs) under the Burberry Share Plan 2020 (BSP). The awards were granted on 30 July 2024 and are subject to specific conditions and performance underpins.
The conditional share awards were granted to Joshua Schulman, Chief Executive Officer, and Kate Ferry, Chief Financial Officer. Schulman was granted 212,531 shares, while Ferry was granted 110,353 shares. The share awards were calculated using a share price of 917.51 pence, reflecting recent share price volatility following the company's first quarter trading update announcement on 15 July 2024.
These conditional share awards will vest on 30 July 2027, subject to a two-year holding period, making the minimum time before any sale of shares five years. The awards are contingent on continued employment and performance underpins based on revenue, Group Return on Invested Capital, and brand and sustainability strategies. The performance underpins will be tested at the vesting date, and any failure to meet them may lead to a potential reduction in the level of pay-out under the award.
The disclosures made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014 as part of UK law include details of the transactions, such as the nature of the transaction, price, volume, and date. The transactions were conducted outside a trading venue.
This announcement provides insight into Burberry's commitment to aligning executive compensation with the company's performance and long-term sustainability, as well as its efforts to retain and motivate key leadership personnel.