REG - NatWest Group plc - Director/PDMR Shareholding

NatwestAnnouncement

09/03/2021 14:05

RNS Number : 6757R
  
NatWest Group plc
  
09 March 2021
  
 

9 March 2021
NatWest Group plc
 
  
INITIAL NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY (PDMRs) IN ACCORDANCE WITH ARTICLE 19 OF THE EU MARKET ABUSE REGULATION 596/2014
 
 
1.  NatWest Group plc (the Company) announces that conditional long term incentive (LTI) or deferred awards (Deferred Awards) over ordinary shares of £1 each in the Company (Shares) (ISIN: GB00B7T77214), have been granted on 8 March 2021 under the NatWest Group plc 2014 Employee Share Plan (the Plan) to the PDMRs set out below:-
 




Name of PDMR


Position of PDMR


Award


Maximum no. of
Shares eligible to vest
 




Robert Begbie


CEO, NatWest Markets


LTI


 336,917




Helen Cook


Chief HR Officer


LTI


 277,679




Peter Flavel 


CEO, Wealth Businesses


LTI


 253,792




Bruce Fletcher


Chief Risk Officer, NatWest Group


LTI


 360,982




David Lindberg


CEO, Retail Banking


Deferred Award


 92,803




Andrew McLaughlin


CEO, RBS International


LTI


 222,143




Simon McNamara


Chief Administrative Officer


LTI


 492,655




 Katie Murray


Chief Financial Officer


LTI


 407,262




John-Paul Thwaite


CEO, Commercial Banking


LTI


 240,655




Jen Tippin


Chief Transformation Officer


Deferred Award


 488,714




 
The price per Share used on the grant of the above awards was £1.6746. The price is discounted to reflect the absence of dividend equivalents during the deferral period. 
 
In April 2020, Alison Rose (CEO, NatWest Group plc) informed the Company that she did not wish to receive a 2021 LTI award.
 
The LTI awards were determined with reference to the performance of the relevant PDMRs against pre-determined performance targets.  This was then subject to an overall pay restraint reduction to reflect the impact of the COVID-19 pandemic. A pre-vest performance assessment will take place for the LTI awards at the end of three years. Subject to this, LTI awards will be eligible to vest between 2024 and 2028.  
 
The Deferred Awards were also determined with reference to an equivalent overall pay restraint reduction and will be eligible to vest between 2021 and 2028. 
 
Malus provisions will apply to both LTI and Deferred Awards up until vesting and clawback provisions will apply for a period of seven years from the date of grant, this can be extended to ten years in certain circumstances. Vested Shares retained after payment of associated tax liabilities will be subject to a twelve-month retention period. 
  
2. The Company announces that LTI and Deferred Awards, including buy-outs, over Shares vested on 8 March 2021 to the PDMRs set out below. The awards were granted under the Plan between March 2016 and November 2020. The number of Shares withheld to meet associated tax liabilities arising on vesting and the number of vested Shares retained by each PDMR is set out below:-
 




Name of PDMR


Position of PDMR


Award


No. of Shares vested


No. of Shares withheld to satisfy associated tax liability


No. of vested Shares retained






Robert Begbie


CEO, NatWest Markets


 
LTI


 
39,648


19,061


 
20,587




Deferred Award


 
103,143


49,586


 




53,557




Helen Cook


Chief HR Officer


 
LTI


 
73,888


34,781


 
39,107




Deferred Award


 
9,320


4,387


 




4,933




Peter Flavel


CEO, Wealth Businesses


 
LTI


 
7,456


3,510


 
3,946




Deferred Award


 
67,385


31,720


 




35,665




Bruce Fletcher1


Chief Risk Officer, NatWest Group


Buy-out Award


 
76,431


35,977


 




40,454




Andrew McLaughlin2


CEO, RBS International


 
LTI


 
50,803


0


 
50,803




Deferred Award


 
80,466


0


 




80,466




Simon McNamara


Chief Administrative Officer


 
LTI


 
217,036


104,335


 




112,701




Katie Murray


Chief Financial Officer


 
LTI


 
40,333


18,986


 
21,347




Deferred Award


 
61,326


28,868


 




32,458




Alison Rose


Chief Executive Officer


 
LTI


 
248,839


117,131


 




131,708




John-Paul Thwaite


CEO, Commercial Banking


 
LTI


 
26,636


12,539


 
14,097




Deferred Award


 
77,926


36,682


 




41,244




Jen Tippin1


Chief Transformation Officer


Buy-out Award


101,524


47,789


 




53,735




1.     Vested Shares retained after payment of associated tax liabilities will, where applicable, be subject to retention periods which mirror the retention periods applicable to the PDMR's awards granted by their previous employer.
2.     The award was granted when the PDMR was resident in Jersey and therefore is taxable in Jersey only and not in the UK. No employer tax withholding is required under Jersey law. The Jersey income tax payable in respect of the vesting of the award will be paid by the PDMR directly to the Jersey tax authority.




 
The market price used to meet associated tax liabilities was  £1.8978. 
 
Vested Shares retained after payment of associated tax liabilities will be subject to retention periods of between six and twelve months. 
 
3.  The Company announces that Shares were delivered to PDMRs on 8 March 2021, as set out below. The Shares delivered represent payment of a fixed share allowance for the three month period ending 31 March 2021 and have been calculated using a share price of £1.8660.
 
The number of Shares delivered, the number of Shares withheld to meet associated tax liabilities and the number of Shares retained by each PDMR is as follows:-
           




 Name of PDMR


Position of PDMR


No. of Shares delivered


No. of Shares withheld to satisfy associated tax liability


No. of Shares retained




Robert Begbie


CEO, NatWest Markets


 43,543


20,933


22,610




Helen Cook


Chief HR Officer


 16,413


7,726


8,687




Peter Flavel


CEO, Wealth Businesses 


 30,164


14,199


15,965




Bruce Fletcher


Chief Risk Officer, NatWest Group


 44,883


21,127


23,756




David Lindberg


CEO, Retail Banking


 43,543


20,496


23,047




Andrew McLaughlin1


CEO, RBS International


20,097


0


20,097




Simon McNamara


Chief Administrative Officer


43,543


20,933


22,610




Katie Murray


Chief Financial Officer


 100,483


47,298


53,185




Alison Rose


Chief Executive Officer


 147,375


69,371


78,004




John-Paul Thwaite


CEO, Commercial Banking


 30,145


14,190


15,955




Jen Tippin


Chief Transformation Officer


 55,266


26,015


29,251




1. The award was granted when the PDMR was resident in Jersey and therefore is taxable in Jersey only and not in the UK. No employer tax withholding is required under Jersey law. The Jersey income tax payable in respect of the vesting of the award will be paid by the PDMR directly to the Jersey tax authority.




 
The market price used to determine the number of Shares withheld to meet associated tax liabilities was £1.8978. Shares retained after payment of associated tax liabilities will be held on behalf of PDMRs and will be released in instalments over a three year period.
 
All of the above transactions took place on the London Stock Exchange (XLON).
 
Legal Entity Identifier: 2138005O9XJIJN4JPN90
 
For further information contact:- 
NatWest Group Investor Relations

Alexander Holcroft

Head of Investor Relations

+44 20 7672 1758
 
NatWest Group Media Relations  
+44(0)131 523 4205

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