Drax Group PLC has recently made awards over shares under The Drax Group plc Long Term Incentive Plan 2020 (LTIP) and The Drax Group plc Deferred Share Plan (DSP). The share interests of directors and persons discharging managerial responsibility (PDMRs) have changed following the granting of these awards. The performance awards, made for nil consideration under the LTIP, are conditional awards. Vesting of the LTIP award shares is normally deferred for three years and subject to certain performance conditions and the participant remaining in employment until the vesting date. Awards to Executive Directors are subject to an additional two-year holding period following the date of vesting.
Awards were also made under the DSP for nil consideration as conditional awards, in respect of the deferred element of the annual bonus for the financial year ended 31 December 2023. Vesting of the DSP shares is normally deferred for three years and subject to the participant remaining in employment until the vesting date. Awards to Executive Directors are subject to an additional two-year holding period following the date of vesting.
Laurie Fitzmaurice, who joined the Group in February 2024, received a "buyout" award of 102,626 shares under the LTIP to replace awards forfeited with her previous employer. The vesting of the replacement award is solely subject to continued employment within the Group and will be in tranches, taking account of the vesting dates of the forfeited awards.
The notifications provided are in accordance with the requirements of Article 19 of the UK Market Abuse Regulation. The details of the transactions, including the names of the PDMRs, the nature of the transactions, and the dates, have been disclosed for transparency and compliance purposes.
This announcement provides insight into the recent changes in share interests of directors and PDMRs at Drax Group PLC, shedding light on the awards made under the LTIP and DSP, as well as a specific "buyout" award made to a new member of the Group.