Receiving Your Award.
Our full year results for 2021/22 will confirm whether the Group Profit Underpin has been
achieved and the extent to which we've achieved our financial targets for Sales and
Profit at Group level and in each Business Unit.
Your bonus will be paid to you partly in cash and partly in the form of shares (the
"Annual Bonus Shares")* which, if you are Work Level 4 or above, will be deferred and
released to you in the future, provided you´re still employed by Tesco. The split of cash and
shares, along with the share deferral period, vary by Work Level**:
5
Annual Bonus awards to Work Level 4 and above are subject to 'malus and clawback',
details can be found in the questions and answers section.
While the Annual Bonus targets are considered to be commercially sensitive and
therefore not published, for the 2021/22 bonus year the Group underpin and the ranges
from threshold to target and from target to stretch have been set an appropriate level to
take account of these uncertain times.
*Awardswill be paid fully as cash if you'rea good leaver and/or on a fixed term contractof less than twoyears at the
day of paymentand/or if the totalvalue ofthe share element equatesto less than £500 GBP.
**Ifyouchange WorkLevel during thebonus year, boththecash and shares elementsof youraward willbecalculated on a
pro-rated basis, in thelinewiththetimespent at eachWorkLevel. Thewholeof theshare element willbe deferredin line
withthedeferralperiodset foryourWorkLevel at theend of the2021/22 bonus year, 26 February2022
Annual Bonus Plan 2021/22
Cash Shares Deferral period
WL4, WL5 and Executive
Committee members
1/2 1/2 2 years
-50% released after year one
-50% released after year two
WL3 2/3 1/3 No deferral
shares will be released immediately on the
award date