Ocado Group PLC has announced the granting of awards under the Ocado Annual Incentive Plan (AIP) to several Persons Discharging Managerial Responsibilities (PDMRs). The AIP awards were granted in the form of nil-cost options over ordinary shares in the company. The AIP was approved by shareholders at the Company's Annual General Meeting on 1 May 2019. The number of shares for the AIP Awards was determined based on a price of 464.7 pence per share, the volume weighted average price of a share for the three business days immediately before the Award Date.
The AIP awards are subject to specific terms, as detailed in the Notice of the Annual General Meeting dated 5 February 2019. 50% of the AIP achieved in the financial year ended 3 December 2023 is deferred into shares for three years and is also subject to a two-year holding period on vesting. The AIP Awards were granted to PDMRs including Tim Steiner, Chief Executive Officer, who received 119,023 shares, Mark Richardson, CEO of Ocado Intelligent Automation, who received 63,132 shares, Neill Abrams, Group General Counsel and Company Secretary, who received 80,434 shares, and Stephen Daintith, Chief Financial Officer, who also received an undisclosed number of shares.
The transactions took place outside a regulated market on 27 March 2024. No payment is required for the grant of the AIP Awards, or issue of the shares on vesting. This announcement provides transparency regarding the shareholding awards granted to the PDMRs of Ocado Group PLC, aligning with the company's commitment to corporate governance and disclosure.