PnP gives CEO R100m

ASKED TO RETURN: FOUR MILLION SHARES INCENTIVE TO FIX BUSINESS

Could double to R200m if share price gets back to levels prior to January 2023.

Pick n Pay chief executive Sean Summers has been granted a substantial amount of shares as an incentive to turn the struggling retailer around.

In an announcement, the group says it granted him four million shares in its restricted share plan earlier in July. At R27 a share, these could be worth as much as R108 million.

These are subject to specific performance conditions that "combine qualitative and quantitative indicators critical to the turnaround of the core Pick n Pay supermarket business". It has not disclosed these but will do so in next year's annual report.

The shares will vest in three tranches:

1. Two million will vest on 31 October, 2025 based on the "implementation of effective leadership and operation structures";

2. A further one million will vest on 28 February, 2027 with specific performance criteria linked to CEO succession; and 2.