Shoprite Holdings, South Africa’s largest supermarket retailer, has granted and accepted 388,534 forfeitable share awards valued at R112.71 million ($6.9 million), as the group continues to use equity incentives to reward and retain senior executives.

According to a JSE filing dated September 14, 2026, the awards were granted on September 11 at an award price of R297.52 ($18.21) per the retailer’s ordinary share. The grants cover executive directors, subsidiary directors and other senior employees under the company’s share-based incentive schemes.

Shoprite executives receive millions in share awards

Pieter Engelbrecht, an executive director of Shoprite Holdings, received the largest allocation, comprising 62,023 performance-based awards and 57,152 deferred performance awards. His combined 119,175 awards are worth R35.46 million ($2.17 million) based on the disclosed award price.

Anton De Bruyn, another executive director, received 25,816 performance-based awards and 23,789 deferred performance awards, giving him 49,605 awards valued at approximately R14.76 million ($903,871). Joseph Bronn, a director of Shoprite Checkers, received 24,374 performance awards valued at approximately R7.25 million ($443,863), while Willem Hunlun received 19,448 awards worth approximately R5.79 million ($354,464).

Neil Schreuder received 15,504 performance awards valued at approximately R4.61 million ($282,223). Other recipients included Andrew Havinga, Chris Shortt, Pieter Du Preez, Leigh Adams, Jacques Pienaar and Sanjeev Raghubir. The 194,476 performance-based awards granted under the performance option of Shoprite’s Executive Share Plan have a three-year vesting period and were issued off-market as direct beneficial interests.

Executives defer another R57.4 million in awards

Shoprite also granted 192,828 awards under its Short-term Deferred Incentive, representing the deferral of performance-based awards. The awards have a two-year vesting period and were granted off-market at R297.52 per share, giving the total deferred awards a disclosed value of approximately R57.4 million ($3.51 million).

Engelbrecht received 57,152 deferred awards worth R17 million ($1.04 million), while De Bruyn received 23,789 awards valued at approximately R7.08 million ($433,423).

Bronn received 22,460 deferred awards worth R6.68 million ($408,912), while Hunlun received 17,921 awards valued at R5.33 million ($326,290). The filing also disclosed 2,965 deferred awards for Zyla De Bruyn, an associate of Anton De Bruyn and his spouse, valued at approximately R882,147 ($54,003).

Anton De Bruyn receives additional Shoprite shares

Separately, De Bruyn received 36,775 Shoprite ordinary shares through an off-market transfer from the Lazz Family Trust, in which he is both a trustee and beneficiary. The shares were transferred on September 11 at R313.49 ($19.19) per share, giving the transaction a disclosed value of approximately R11.53 million ($705,834).

Unlike the performance and deferred awards, the transaction involved an outright transfer of ordinary Shoprite shares from an associate to De Bruyn. Shoprite said the transactions were undertaken after the required clearance to deal in the company’s securities had been obtained. Jacques Pienaar also received 1,230 retention-based awards valued at approximately R365,950 ($22,405). These awards carry a three-year vesting period.

Overall, the September 11 grants represent 388,534 forfeitable Shoprite share awards with a combined disclosed value of R112.71 million ($6.9 million) at the R297.52 ($18.21) award price, excluding De Bruyn’s separate R11.53 million share transfer.

The latest awards highlight Shoprite’s continued reliance on equity-linked remuneration to align senior management with the group’s long-term performance while retaining key executives across its expanding retail operations.