Were the LTIP share vestings for Shell (SHEL) treated as market transactions?

The vestings were disclosed as transactions outside a trading venue. According to Shell, the shares resulted from the LTIP vesting on 04/03/2026 and were notified under the EU and UK market abuse regimes.

Director/PDMR Shareholding

Q: What shares did Wael Sawan receive from Shell (SHEL) on 04 March 2026?

He received 295,466 ordinary shares vested from LTIP awards. According to Shell, the shares vested on 04/03/2026 at nil price and were recorded as a transaction outside a trading venue under market abuse disclosure rules.

Q: Did the LTIP vestings for Shell (SHEL) involve any cash payment by executives?

No cash was paid; the awards vested at a nil price. According to Shell, the 2023 LTIP awards converted into ordinary shares on 04/03/2026 without a purchase price, as reported in the required notifications.

Shell (SHEL) announced that several Persons Discharging Managerial Responsibilities received shares following vesting of 2023 Long Term Incentive Plan awards on 04 March 2026.

Rhea-AI Impact

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Rhea-AI Sentiment

(Very Positive)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Rhea-AI Summary

Shell (SHEL) announced that several Persons Discharging Managerial Responsibilities received shares following vesting of 2023 Long Term Incentive Plan awards on 04 March 2026. Key recipients include Wael Sawan (295,466 shares) and Sinead Gorman (175,695.15 shares).

The awards vested nil-price ordinary shares and were recorded as transactions outside a trading venue. Notifications were filed under EU and UK market abuse rules.

Argus Mar 5 session

+0.29% close to close Open Argus

Details

News Market Reaction – SHEL

On Mar 5, the day this news came out, SHEL closed 0.29% above the previous close.

Data tracked by StockTitan Argus for the Mar 5 session.

Key Figures

CEO LTIP vesting: 295,466.00 shares CFO LTIP vesting: 175,695.15 shares President Trading & Supply vesting: 56,663.07 shares +5 more

CEO LTIP vesting: 295,466.00 shares; Wael Sawan LTIP award vested on 04 March 2026
CFO LTIP vesting: 175,695.15 shares; Sinead Gorman LTIP award vested on 04 March 2026
President Trading & Supply vesting: 56,663.07 shares; Andrew Smith LTIP award vested on 04 March 2026
President Upstream vesting: 50,402.48 shares; Peter Costello LTIP award vested on 04 March 2026
President Integrated Gas vesting: 37,775.38 shares; Cederic Cremers LTIP award vested on 04 March 2026
President Downstream & Renewables vesting: 37,775.38 shares; Machteld de Haan LTIP award vested on 04 March 2026
CHRO & Corporate Officer vesting: 24,949.23 shares; Rachel Solway LTIP award vested on 04 March 2026
Ordinary share nominal value: €0.07; Nominal value of Shell plc ordinary shares

Historical Context

5 past events · Latest: Mar 04

5 events

Mar 04
Share buy-back

24h Move

+0.5%

Announcement of 1,949,746-share buy-back cancellation under existing programme.
Mar 04
PDMR share award

24h Move

+0.5%

Conditional award of 11,269 shares to Andrew Smith under Shell Share Plan 2023.
Mar 03
Share buy-back

24h Move

-2.2%

Purchase and cancellation of 2,060,266 shares under buy-back programme.
Mar 02
Share buy-back

24h Move

+0.8%

Repurchase of 153,314 shares for cancellation across six trading venues.
Feb 27
Share buy-back

24h Move

+2.9%

Purchase of 867,321 shares for cancellation as part of buy-back programme.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

persons discharging managerial responsibilities, pdmr, long term incentive plan, ltip, +4 more

8 terms

persons discharging managerial responsibilities regulatory

"NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES"

Persons Discharging Managerial Responsibilities are the key people in a company who make big decisions, like top managers or executives. Knowing who they are is important because their actions can influence the company’s success or failure, and they are often required to share information about their dealings to ensure transparency for investors and the public.

pdmr regulatory

"Shell plc announces that each of the following Persons Discharging Managerial Responsibilities (“PDMRs”)"

A PDMR (person discharging managerial responsibilities) is an individual who can shape a company’s strategy or finances—typically senior executives, board members, or close advisors with decision-making authority. Investors care because PDMRs often hold material, non‑public information and their buying or selling of shares must be reported; monitoring those disclosures is like watching a ship’s captain to read the likely course and spot possible insider risk.

long term incentive plan financial

"conditional awards granted in 2023 under the Long Term Incentive Plan (“LTIP”)"

A long term incentive plan is a company program that awards executives and key employees bonuses—often in stock, options, or cash—only if the business meets multi-year performance goals. It links management pay to company results—like tying a coach’s bonus to a team’s multi-season record—so investors monitor it for how leaders are motivated, potential share dilution, and signals about the company’s long-term priorities.

ltip financial

"Vesting of awards granted in 2023 under the Long Term Incentive Plan (LTIP)"

LTIP stands for Long-Term Incentive Plan, a company program that pays executives and key employees with stock, cash, or other rewards tied to multi-year performance targets and continued service. It matters to investors because it aligns management’s pay with the company’s long-term success—like paying a gardener in future harvest to ensure the orchard thrives—while also affecting share count and reported expenses, which can influence future returns.

legal entity identifier regulatory

"Legal Entity Identifier code | 21380068P1DRHMJ8KU70"

A legal entity identifier (LEI) is a unique, standardized code that functions like a global ID card for businesses and organizations involved in financial markets. It helps investors and regulators reliably identify who is on the other side of a deal, trace ownership and links between firms, and reduce confusion or fraud — improving transparency for reporting, risk assessment, and cross-border trades.

market abuse regulatory

"in accordance with the requirements of the EU and UK market abuse regimes"

Market abuse is illegal or unethical behavior that distorts the price or fairness of buying and selling financial assets, such as using secret information to trade, spreading false or misleading news, or creating fake buying and selling to give a false impression of demand. It matters to investors because it can cause unfair losses, unreliable prices and legal or reputational fallout; like cheating in a game or tampering with a scale, it destroys confidence that markets reflect true value.

trading venue regulatory

"Place of transaction | Outside a trading venue"

A trading venue is any organized place or system where buyers and sellers meet to swap stocks, bonds or other securities, like a physical market or an online exchange. It matters to investors because the venue determines how easily orders are filled, how quickly prices move, what rules and fees apply, and how transparent pricing is — much like choosing a busy bazaar versus a small shop affects price, speed and cost.

ordinary shares financial

"Description of the financial instrument | Ordinary shares of €0.07 each"

Ordinary shares are a type of ownership stake in a company, giving shareholders a right to participate in the company’s profits and decision-making through voting. They are similar to owning a piece of a business, and their value can rise or fall based on the company's performance. Investors buy ordinary shares to potentially earn dividends and benefit from the company's growth over time.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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03/05/2026 - 10:50 AM EST

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES IN ACCORDANCE WITH THE REQUIREMENTS OF THE EU AND UK MARKET ABUSE REGIMES

March 5, 2026

Shell plc announces that each of the following Persons Discharging Managerial Responsibilities (“PDMRs”) have received the number of shares of Shell plc as set out below following the vesting of conditional awards granted in 2023 under the Long Term Incentive Plan (“LTIP”).

PDMR	Date Acquired	Share Type	Number of Shares Vested
Wael Sawan	04 March 2026	SHEL (LSE)	295,466.00
Sinead Gorman	04 March 2026	SHEL (LSE)	175,695.15
Philippa Bounds	04 March 2026	SHEL (LSE)	27,721.36
Peter Costello	04 March 2026	SHEL (LSE)	50,402.48
Andrew Smith	04 March 2026	SHELL (AMS)	56,663.07
Rachel Solway	04 March 2026	SHEL (LSE)	24,949.23
Cederic Cremers	04 March 2026	SHELL (AMS)	37,775.38
Machteld de Haan	04 March 2026	SHELL (AMS)	37,775.38

The Notification of Dealing Form for each PDMR can be found below.


Julie Keefe
Deputy Company Secretary

ENQUIRIES

Shell Media Relations
International, UK, European Press: +44 20 7934 5550

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Wael
Last Name(s)	Sawan
2. Reason for the notification
Position/status	Chief Executive Officer
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Vesting of awards granted in 2023 under the Long Term Incentive Plan (LTIP)
Currency	GBP
Price	NIL
Volume	295,466.00
Total	N/A
Aggregated information
Volume	295,466.00
Price	NIL
Total	N/A
Date of transaction	04/03/2026
Place of transaction	Outside a trading venue

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Sinead
Last Name(s)	Gorman
2. Reason for the notification
Position/status	Chief Financial Officer
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Vesting of awards granted in 2023 under the Long Term Incentive Plan (LTIP)
Currency	GBP
Price	NIL
Volume	175,695.15
Total	N/A
Aggregated information
Volume	175,695.15
Price	NIL
Total	N/A
Date of transaction	04/03/2026
Place of transaction	Outside a trading venue

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Philippa
Last Name(s)	Bounds
2. Reason for the notification
Position/status	Chief Legal Officer
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Vesting of awards granted in 2023 under the Long Term Incentive Plan (LTIP)
Currency	GBP
Price	NIL
Volume	27,721.36
Total	N/A
Aggregated information
Volume	27,721.36
Price	NIL
Total	N/A
Date of transaction	04/03/2026
Place of transaction	Outside a trading venue

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Peter
Last Name(s)	Costello
2. Reason for the notification
Position/status	President, Upstream
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Vesting of awards granted in 2023 under the Long Term Incentive Plan (LTIP)
Currency	GBP
Price	NIL
Volume	50,402.48
Total	N/A
Aggregated information
Volume	50,402.48
Price	NIL
Total	N/A
Date of transaction	04/03/2026
Place of transaction	Outside a trading venue

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Andrew
Last Name(s)	Smith
2. Reason for the notification
Position/status	President, Trading and Supply
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Vesting of awards granted in 2023 under the Long Term Incentive Plan (LTIP)
Currency	EUR
Price	NIL
Volume	56,663.07
Total	N/A
Aggregated information
Volume	56,663.07
Price	NIL
Total	N/A
Date of transaction	04/03/2026
Place of transaction	Outside a trading venue

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Rachel
Last Name(s)	Solway
2. Reason for the notification
Position/status	Chief Human Resources and Corporate Officer
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Vesting of awards granted in 2023 under the Long Term Incentive Plan (LTIP)
Currency	GBP
Price	NIL
Volume	24,949.23
Total	N/A
Aggregated information
Volume	24,949.23
Price	NIL
Total	N/A
Date of transaction	04/03/2026
Place of transaction	Outside a trading venue

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Cederic
Last Name(s)	Cremers
2. Reason for the notification
Position/status	President, Integrated Gas
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Vesting of awards granted in 2023 under the Long Term Incentive Plan (LTIP)
Currency	EUR
Price	NIL
Volume	37,775.38
Total	N/A
Aggregated information
Volume	37,775.38
Price	NIL
Total	N/A
Date of transaction	04/03/2026
Place of transaction	Outside a trading venue

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Machteld
Last Name(s)	de Haan
2. Reason for the notification
Position/status	President, Downstream, Renewables and Energy Solutions
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Vesting of awards granted in 2023 under the Long Term Incentive Plan (LTIP)
Currency	EUR
Price	NIL
Volume	37,775.38
Total	N/A
Aggregated information
Volume	37,775.38
Price	NIL
Total	N/A
Date of transaction	04/03/2026
Place of transaction	Outside a trading venue

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What shares did Wael Sawan receive from Shell (SHEL) on 04 March 2026?

He received 295,466 ordinary shares vested from LTIP awards. According to Shell, the shares vested on 04/03/2026 at nil price and were recorded as a transaction outside a trading venue under market abuse disclosure rules.

Which Shell executives vested LTIP awards on 04 March 2026 and how many shares did CFO Sinead Gorman receive?

Multiple executives vested LTIP awards; CFO Sinead Gorman received 175,695.15 shares. According to Shell, these were 2023 LTIP awards vesting on 04/03/2026 issued as ordinary shares at nil price and disclosed under EU/UK rules.

Did the LTIP vestings for Shell (SHEL) involve any cash payment by executives?

No cash was paid; the awards vested at a nil price. According to Shell, the 2023 LTIP awards converted into ordinary shares on 04/03/2026 without a purchase price, as reported in the required notifications.

How can investors view the Shell (SHEL) PDMR notifications filed for 04 March 2026?

Investors can review the individual Notification of Dealing forms for each PDMR. According to Shell, the company published the required notification details listing names, roles, volumes and that transactions occurred on 04/03/2026.

Director/PDMR Shareholding