Grafton boss Slark gets €1.5m in shares
Grafton Group chief executive Gavin Slark received €1.45m of free shares in the company this week under a long-term incentive plan, but immediately sold over half of them to satisfy the associated tax liability.
The transaction was revealed in stock exchange filings this week after the company held its annual general meeting in Dublin.
It noted that Mr Slark, inset, received 170,520 shares in the builders merchanting group on Wednesday.
They represented the partial vesting of an award of free Grafton shares granted in 2013 under the Grafton 2011 long-term incentive plan, that were subject to performance conditions based on earnings per share and shareholder return.
But the filing shows that on Thursday, Mr Slark sold almost half the shares - 82,613 - at £6.72 each in order to satisfy the associated tax liability.
Those shares he sold were valued at slightly more than £555,000 (€705,000), representing a 48pc tax hit on the award. Filings show that Mr Slark retains 283,692 shares in Grafton.