a2 Milk Co. (NZE:ATM, ASX:A2M) said members of its executive team have sold up to 50% of the tranches of shares they received before 2024 on vesting of performance rights issued under its long-term incentive plan and one-off time-based rights related to past executive transition arrangements, according to a Monday Australian and New Zealand bourse filing.

The company said the shares were sold on the market predominantly to cover tax obligations arising following the vesting of those rights.

Chief Executive David Bortolussi continues to hold company shares valued at more than four times his executive minimum shareholding requirement, and all other executive leadership team members with more than one grant of performance rights vested currently exceed their minimum shareholding requirement, the filing added.

The company also noted that Bortolussi has no current intention to sell further shares, except to cover tax obligations related to potential future vesting of performance rights.

The company's Australian and New Zealand shares were each down past 1% in recent Monday trade.