Drax Group PLC recently announced the automatic vesting of shares for its CEO, Will Gardiner, and CFO, Andy Skelton, as part of the Deferred Share Plan (DSP) and Long-Term Incentive Plan (LTIP). The shares were originally granted in April 2021 and represented the deferred element of the annual bonus for the financial year ended December 2020. Both Gardiner and Skelton sold sufficient shares to cover their tax liabilities arising from the vesting of shares, with the retained shares subject to a two-year post-vesting holding period.
In addition to Gardiner and Skelton, Paul Sheffield, the Chief Commercial Officer, also saw the automatic vesting of shares under the LTIP. Similarly, he sold sufficient shares to cover his tax liability, with the retained shares subject to the same two-year post-vesting holding period. Penelope Small, another individual associated with the company, sold all shares arising from the vesting of the LTIP.
The transactions were conducted at a price of 489.1012 pence per share. The total number of shares held by the individuals, including those held by their spouses, was also disclosed. The information provided complies with the requirements of Article 19 of the UK Market Abuse Regulation.
These transactions reflect the vesting of shares and the subsequent sale to cover tax liabilities for the company's top executives and associated individuals. The retained shares are subject to a two-year post-vesting holding period, ensuring a continued alignment of interests with the company's long-term performance.