Boohoo has handed free shares to almost 5,000 of its employees, including chief executive officer John Lyttle and chief financial officer Neil Catto.
The fast fashion group announced Friday a total of 15 million ordinary shares have been granted to employees at a price of 1 pence per share.
A total of 4,924 employees were found eligible and applied for the 2021 Share Incentive Plan. Each has been given 3,136 free ordinary shares each, representing approximately 3,600 pounds at the purchase price of 1.15 pounds per ordinary share.
The free shares were awarded on January 12 and are subject to a 3 year forfeiture period.
CEO John Lyttle and CFO Neil Catto are also receiving free shares, bringing the former’s total number of shares to 188,172, and the latter to 79,735.
Boohoo said the move is part of its commitment to encourage all employees to be shareholders in the business.