Shoprite Holdings, South Africa’s largest food retailer, has granted performance-based share awards worth approximately R124.42 million ($7.51 million) to its executive directors, senior subsidiary directors and company secretary under its Executive Super Stretch Incentive (ESSI) scheme.

The awards, disclosed in a regulatory notice published on October 30, 2026, cover ten (10) senior executives and officials and were granted on October 29 at a performance award price of R329.7 ($19.87) per share. The incentives carry vesting periods of one and two years, giving recipients exposure to the retailer’s future share performance.

Pieter Engelbrecht receives largest allocation

Pieter Engelbrecht, an executive director of Shoprite Holdings, received the largest allocation, with 60,868 performance-based awards under each vesting period. The two grants represent a combined 121,736 awards valued at approximately R40.14 million ($2.42 million).

Anton De Bruyn, also an executive director of Shoprite Holdings, received 23,777 awards under each arrangement, bringing his combined allocation to 47,554 shares valued at approximately R15.7 million.

Joseph Bronn, a director of Shoprite Checkers, was granted 19,972 awards under each vesting period, amounting to 39,944 awards valued at approximately R13.2 million.

Shoprite Checkers directors receive share incentives

Several directors of Shoprite Checkers also benefited from the incentive scheme. Andrew Gardener, Andrew Havinga, Willem Hunlun and Neil Schreuder each received 15,217 awards under both vesting arrangements, representing 30,434 awards apiece.

Chris Shortt received 8,560 awards under each arrangement, while Natasha Moolman was allocated 5,136 awards under each vesting period.

Pieter Du Preez, company secretary of Shoprite Holdings, received 9,511 awards under each arrangement, bringing his combined allocation to 19,022 shares.

Two-year vesting structure aligns incentives with performance

The awards were granted in two tranches, with one-year and two-year vesting periods. Both sets were issued off-market and carry direct beneficial interests in ordinary shares.

Across the two arrangements, the 10 recipients received a combined 395,346 performance-based share awards. At R329.7 ($19.8) per share, the grants represent an aggregate transaction value of approximately R124.42 million ($7.51 million).

The incentive structure links a portion of senior management remuneration to Shoprite’s share performance over the vesting periods. However, the regulatory disclosure does not specify the performance conditions attached to the awards or confirm that the shares will automatically vest.

Shoprite said the relevant executives and officials had obtained prior clearance to deal in the company’s securities, in accordance with the Johannesburg Stock Exchange’s Listings Requirements.