Director Share Awards

21 December 2020

Nichols plc

(the "Company" or "Group')

Share Awards

Nichols plc, the diversified soft drinks Group, announces that on 18 December 2020 it made awards of nil cost options over ordinary shares of 10p each ("Awards" and "Ordinary Shares") to executive directors of the Company ("Directors").

As a consequence of Andrew Milne's appointment as Group Chief Executive Officer with effect from 1 January 2021 and David Rattigan's recent appointment as Group Chief Financial Officer, Awards have been granted over a maximum number of Ordinary Shares shown below. The Awards, equal to 50% of their annual salaries at the date of award, will vest on the third anniversary based on the number of Ordinary Shares purchased and retained by the Directors over the vesting period of the Award. The Awards will be matched on a 1:1 basis for every Ordinary Share purchased. No other performance conditions apply.

The intention of the Awards is to assist the Directors to meet a newly imposed shareholding guideline of 100% of salary as part of a revised remuneration policy. The Remuneration Committee has given the newly appointed Directors five years from the date of appointment to meet this guideline. 

The details of the Awards are as follows:

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.