REG - NatWest Group plc - Director/PDMR Shareholding
08/03/2024 14:15
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RNS Number : 2049G NatWest Group plc 08 March 2024
8 March 2024
NatWest Group plc
INITIAL NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITY (PDMRs) IN ACCORDANCE WITH ARTICLE 19 OF THE MARKET ABUSE
REGULATION
1. NatWest Group plc (the Company) announces that conditional restricted
share plan awards (RSP) and deferred awards (Deferred Awards) over ordinary
shares of £1.0769* each in the Company (Shares) (ISIN: GB00BM8PJY71) have
been granted on 7 March 2024 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 Commercial & Institutional Ring-Fenced Bank (interim), CEO Commercial Deferred Award(1) 223,175
& Institutional Non Ring-Fenced Bank and CEO NatWest Markets
Keiran Foad Group Chief Risk Officer RSP 689,684
Deferred Award(2) 96,118
Oliver Holbourn CEO, RBS International Deferred Award³ 114,016
David Lindberg CEO, Retail Banking RSP 543,388
Deferred Award(2) 74,545
Scott Marcar Group Chief Information Officer RSP 689,684
Deferred Award(2) 103,939
Katie Murray Group Chief Financial Officer RSP 653,915
Deferred Award(2) 87,744
Mohammad Kamal Syed Interim CEO, Coutts and Wealth Businesses Deferred Award³ 102,114
Paul Thwaite Group Chief Executive Officer RSP 677,576
Deferred Award(2) 98,878
Jen Tippin Group Chief People & Transformation Officer RSP 689,684
Deferred Award(2) 96,517
The prices per Share used on the grant of the above awards were Deferred
Awards(1) £1.9021, Deferred Awards(2) £2.3312, Deferred Awards³ £2.1006
and RSP £1.7943. The prices are discounted to reflect the absence of
dividend equivalents during the vesting period.
* Note: the nominal value of ordinary shares without rounding is
£1.076923076923077 per share
A pre-vest performance assessment will take place for the RSP at the end of
three years. Subject to this, the RSP will be eligible to vest between 2027
and 2031. Deferred Awards will be eligible to vest between 2024 and 2031.
Malus provisions will apply to each award up until vesting and clawback
provisions will apply for a period of seven years from the date of grant.
Such period 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 long term incentive awards (LTI), Deferred
Awards and Buy-out Awards over Shares vested on 7 March 2024 to the PDMRs set
out below. The awards were granted under the Plan between March 2019 and
November 2023. 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
67,384 33,068 34,316
Robert Begbie CEO Commercial & Institutional Ring-Fenced Bank (interim), CEO Commercial LTI
& Institutional Non Ring-Fenced Bank and CEO NatWest Markets
Deferred Award 62,357 30,601 31,756
Keiran Foad(1) Group Chief Risk Officer Buy-out Award 108,571 51,106 57,465
Oliver Holbourn(2) CEO, RBS International Deferred Award 64,109 12,694 51,415
David Lindberg CEO, Retail Banking Deferred Award 18,561 8,737 9,824
Scott Marcar(1) Group Chief Information Officer Buy-out Award 106,714 50,231 56,483
210,766 99,209 111,557
Katie Murray Group Chief Financial Officer LTI
41,790 19,671 22,119
Deferred Award
Mohammad Kamal Syed Interim CEO, Coutts and Wealth Businesses Deferred Award 52,925 24,913 28,012
Group Chief Executive Officer 48,131 22,656 25,475
Paul Thwaite LTI
Deferred Award 49,561 23,329 26,232
Group Chief People & Transformation Officer 159,981 75,305 84,676
Jen Tippin(1) Buy-out Award
Deferred Award 97,743 46,008 51,735
1. Vested Shares retained after payment of associated tax
liabilities will be subject to retention periods which mirror the retention
periods applicable to the PDMR's awards granted by their previous employer.
2. The PDMR is or has been an Internationally Mobile Employee
and tax withholding has been applied accordingly.
The market price used to meet associated tax liabilities was £2.5167.
Vested Shares retained after payment of associated tax liabilities will be
subject to retention periods of twelve months, unless otherwise indicated in
the table above.
3. The Company announces that Shares were delivered to PDMRs on 7 March
2024, as set out below. The Shares delivered represent payment of a fixed
share allowance for the three-month period ending 31 March 2024 and have been
calculated using a share price of £2.4410.
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 Commercial & Institutional Ring-Fenced Bank (interim), CEO Commercial 15,363 7,540 7,823
& Institutional Non Ring-Fenced Bank and CEO NatWest Markets
Keiran Foad Group Chief Risk Officer 42,248 19,886 22,362
David Lindberg CEO, Retail Banking 33,286 15,668 17,618
Scott Marcar Group Chief Information Officer 42,248 19,887 22,361
Katie Murray Group Chief Financial Officer 80,700 37,986 42,714
Paul Thwaite Group Chief Executive Officer 112,863 53,125 59,738
Jen Tippin Group Chief People & Transformation Officer 42,248 19,886 22,362
The market price used to determine the number of Shares withheld to meet
associated tax liabilities was £2.5167. Shares retained after payment of
associated tax liabilities will be held on behalf of PDMRs and will be
released in instalments over a three or five year period.
4. The Company announces that the PDMRs set out below have sold Shares on
the date and at the price indicated:
Name of PDMR Position of PDMR No. of Shares sold Sale price
Date of transaction
Scott Marcar Group Chief Information Officer 152,000 £2.5064 7 March 2024
Robert Begbie CEO Commercial & Institutional Ring-Fenced Bank (interim), CEO Commercial 105,000 £2.5167 8 March 2024
& Institutional Non Ring-Fenced Bank and CEO NatWest Markets
* Note: the nominal value of ordinary shares without rounding is
£1.076923076923077 per share
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
Claire Kane
Director of Investor Relations
+44 20 7672 1758
NatWest Group Media Relations
+44(0)131 523 4205
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