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RNS Number : 0201I Next PLC 22 March 2024
22 March 2024
NEXT plc
Notification of Transactions by Persons Discharging Managerial
Responsibilities and Persons Closely Associated with Them (PCA)
The following awards were granted to executive directors and a PCA on 22 March
2024 under the NEXT Long Term Incentive Plan (the "LTIP"):
Maximum No. of Shares
Lord Wolfson of Aspley Guise 13,315
Amanda James 8,108
Richard Papp 7,859
Jane Shields 7,859
Jeremy Stakol 7,038
Marcelle Stakol (PCA) 1,910
Under the terms of each LTIP the award comprises a conditional award of shares
on the following terms:
· the award will vest following the third anniversary of the date of grant
subject to performance targets and continued employment in the NEXT Group;
· a variable percentage of the maximum number of shares above can vest,
depending on the relative Total Shareholder Return of NEXT over a three year
period against a comparator group;
· for relative performance against the comparator group the percentage vesting
will be:
Relative performance Percentage vesting
Below median 0%
Median 20%
Upper quintile 100%
· the Remuneration Committee has discretion to override and reduce formulaic
outcomes under the LTIP awards should this be considered appropriate in the
circumstances;
· before any of the awards vest, the Committee must have regard to the
underlying financial performance of the Company;
· to the extent that the performance condition is not met, the award will lapse
completely;
· to the extent that awards vest, dividend equivalents will be accrued; and
· any vesting of these awards granted (including dividend equivalents) will be
settled in shares and, after payment of tax, the net shares received should be
retained by executive directors for a period of two further years and PCAs for
a further period of 6 months.
LTIP awards are made twice a year. The maximum number of shares shown above is
112.5% of each executive director's (60% of PCA's) base salary at the date of
grant, divided by NEXT's average share price over the three months prior to
the start of the performance period.
The following notification made under article 19.1 of the UK Market Abuse
Regulation ("MAR") related to awards granted to executive directors on 22
March 2024 under the LTIP. This announcement is made in accordance with
Article 19.3 of MAR.
1 Details of the person discharging managerial responsibilities ("PDMR") /
person closely associated ("PCA")
a) Name 1. Lord Wolfson of Aspley Guise
2. Amanda James
3. Richard Papp
4. Jane Shields
5. Jeremy Stakol
6. Marcelle Stakol
2 Reason for the notification
a) Position/status 1. Chief Executive (PDMR)
2. Group Finance Director (PDMR)
3. Group Merchandise and Operations Director (PDMR)
4. Group Sales, Marketing and HR Director (PDMR)
5. Group Investments, Acquisitions and Third Party Brands Director (PDMR)
6. Brand Director (PCA with Jeremy Stakol)
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name NEXT plc
b) LEI 213800WQD8ECPZP9PH98
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of £0.10 each - conditional award
Identification code GB0032089863
b) Nature of the transaction Conditional award granted of shares under the LTIP. Maximum number of shares
as follows:
1. Lord Wolfson of Aspley Guise - 13,315
2. Amanda James - 8,108
3. Richard Papp - 7,859
4. Jane Shields - 7,859
5. Jeremy Stakol - 7,038
6. Marcelle Stakol - 1,910
c) Price(s) and volume(s)
Price(s) Volume(s)
Lord Wolfson of Aspley Guise Nil 13,315
Amanda James Nil 8,108
Richard Papp Nil 7,859
Jane Shields Nil 7,859
Jeremy Stakol Nil 7,038
Marcelle Stakol Nil 1,910
d) Aggregated information
- Aggregated volume n/a single transactions
- Price
e) Date of the transaction 22 March 2024
f) Place of the transaction Outside a trading venue
Seonna Anderson
Company Secretary
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