Supermarket group Morrisons has awarded two tranches of shares to new chief executive Dalton Philips who took up his role earlier this week.
The awards are to compensate Philips for others forfeited when he left Canadian grocer Loblaw to join Morrisons.
The first award of 319,401 shares vested immediately and Philips sold 131,218 – only the number necessary to cover the income tax and National Insurance contributions liable on the award.
The second award of 120,965 shares will vest in March 2012, unless Philips resigns or his contract is terminated earlier than that.
Neither award is dependent on performance conditions. Morrisons said no consideration is payable in connection with their grant or vesting.
Full details of Philips’ remuneration will be included in the retailer’s annual report.