Aspen Pharmacare Holdings, the South African pharmaceutical group, has disclosed the vesting of ordinary shares worth more than R11.29 million ($687,433) to five directors, executives and company secretaries under its deferred incentive bonus scheme.

The share awards, delivered off-market on November 3, 2026, were granted under the Aspen South African Management Deferred Incentive Bonus Scheme in 2023. The transactions were disclosed in a notice issued to shareholders on November 9 in compliance with the Johannesburg Stock Exchange’s listing requirements.

The beneficiaries included Aspen chairman Stephen Saad, Gus Attridge, director Sean Capazorio, prescribed officer Lorraine Hill, company secretary Raeesa Khan and Karen Naidoo, company secretary of Pharmacare Limited, a major subsidiary of the group.

Saad receives R3.4 million in deferred bonus shares

Stephen Bradley Saad received 21,182 ordinary shares valued at R3.43 million ($209,223), based on a vesting price of R161.73 per share. Sean Matthew Capazorio received 14,647 shares worth approximately R2.37 million ($144,637) under the same arrangement.

Both transactions involved the off-market delivery of deferred incentive bonus shares, with the securities held as direct beneficial interests. Lorraine Angela Hill, an Aspen prescribed officer, received 12,922 shares valued at approximately R2.09 million ($127,577). Raeesa Khan, the group’s company secretary, received 2,044 shares worth R330,571 ($20,181).

Karen Teresa Naidoo, who serves as company secretary of Pharmacare Limited, received 766 ordinary shares valued at approximately R123,883 ($7,562). Together, the five beneficiaries received 51,561 shares with a combined deemed value of approximately R8.34 million ($509,062).

Attridge receives separate R2.9 million share award

In a separate transaction, Michael Guy Attridge (Gus Attridge) received 18,226 Aspen ordinary shares valued at R2.95 million ($179,949)on November 5, 2026.

Gus Attridge’s award involved an off-market allocation and immediate delivery of securities pursuant to a post-retirement contract with the company. The shares were valued at R161.73 each, using Aspen’s three-day volume-weighted average price on November 2. The company confirmed that the required clearance had been obtained for Gus Attridge’s transaction. His interest in the shares is classified as direct beneficial.

Share awards reflect deferred incentive arrangements

The transactions bring the combined value of shares awarded or delivered to the six beneficiaries to approximately R11.29 million, representing 69,787 ordinary shares.

Aspen used a vesting price of R161.73 per share for all the disclosed transactions, based on its three-day volume-weighted average price on November 2.

The company stated that the deferred bonus shares were delivered to Stephen Saad, Capazorio, Hill, Khan and Naidoo, who were awarded in 2023 under its South African management incentive scheme. However, shareholders were advised of Gus Attridge’s award and immediate vesting of securities to a post-retirement contract with the Company.

The disclosures were made in accordance with the JSE Listings Requirements. Investec Bank Limited acted as sponsor for the announcement, which was issued in Durban on November 9, 2026.