REG - NatWest Group plc - Director/PDMR Shareholding

NatwestAnnouncement

10/03/2025 14:00

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RNS Number : 0409A  NatWest Group plc  10 March 2025

10 March 2025

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 2025 under the NatWest Group plc 2024 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 Commercial & Institutional      RSP                278,153
                 Deferred Award(2)                                               50,812
 Angela Byrne    Interim CEO, Retail Banking                  Deferred Award(1)  41,094
 Emma Crystal    CEO, Coutts and Wealth Businesses            RSP                217,489
                 Deferred Award(2)                                               44,305
 Keiran Foad     Group Chief Risk Officer                     RSP                326,234
                 Deferred Award(2)                                               57,339
 Scott Marcar    Group Chief Information Officer              RSP                326,234
                 Deferred Award(2)                                               65,761
  Katie Murray   Group Chief Financial Officer                RSP                311,583
                 Deferred Award(2)                                               65,375
 Paul Thwaite    Group Chief Executive Officer                RSP                451,682
                 Deferred Award(2)                                               97,215
 Jen Tippin      Group Chief Operating Officer                RSP                326,234
                 Deferred Award(2)                                               65,701
 The prices per Share used on the grant of the above awards were Deferred
 Awards(1) £4.2431, Deferred Awards(2) £4.5783 and RSP £3.7933.  The prices
 are discounted to reflect the absence of dividend equivalents during the
 vesting period.

 

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 2028
and 2032.  Deferred Awards will be eligible to vest between 2025 and 2030.

 

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 2025 to the PDMRs set
out below. The awards were granted under the Plan between March 2019 and
August 2024. 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

                                                                                149,999               75,113                                                      74,886

 Robert Begbie    CEO, NatWest Commercial & Institutional       LTI

                  Deferred Award                                                38,942                19,501                                                      19,441
 Angela Byrne     Interim CEO, Retail Banking                   Deferred Award  15,747                7,413                                                       8,334
 Emma Crystal(1)  CEO, Coutts and Wealth Businesses             Buy-out Award   41,909                19,727                                                      22,182
 Keiran Foad(1)   Group Chief Risk Officer                      Buy-out Award   100,196               47,163                                                      53,033
 Scott Marcar(1)  Group Chief Information Officer               Buy-out Award   130,451               61,405                                                      69,046
                                                                                326,943               153,895                                                     173,048

 Katie Murray     Group Chief Financial Officer                 LTI

                                                                                41,790                19,671                                                      22,119

                  Deferred Award

                  Group Chief Executive Officer                                 130,230               61,301                                                      68,929

 Paul Thwaite                                                   LTI

                  Deferred Award                                                30,123                14,180                                                      15,943
 Jen Tippin(1)    Group Chief Operating Officer                 LTI             144,576               68,053                                                      76,523

                                                                                97,743                46,009                                                      51,734

                  Deferred Award
                  Buy-out Award                                                 159,985               75,306                                                      84,679
 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.

 

The market price used to meet associated tax liabilities was £4.5761.

 

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
2025, as set out below. The Shares delivered represent payment of a fixed
share allowance for the three-month period ending 31 March 2025 and have been
calculated using a share price of £4.7284.

 

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 Commercial & Institutional      19,167                   9,598                                                       9,569
 Emma Crystal    CEO, Coutts and Wealth Businesses            14,540                   6,844                                                       7,696
 Keiran Foad     Group Chief Risk Officer                     21,810                   10,266                                                      11,544
 Scott Marcar    Group Chief Information Officer              21,810                   10,266                                                      11,544
 Katie Murray    Group Chief Financial Officer                41,661                   19,610                                                      22,051
 Paul Thwaite    Group Chief Executive Officer                61,103                   28,761                                                      32,342
 Jen Tippin      Group Chief Operating Officer                21,810                   10,266                                                      11,544

 

The market price used to determine the number of Shares withheld to meet
associated tax liabilities was £4.5761. Shares retained after payment of
associated tax liabilities will be held on behalf of PDMRs and will be
released in instalments over a five year period.

All of the above transactions took place on the London Stock Exchange (XLON).

 

* Note: the nominal value of ordinary shares without rounding is
£1.076923076923077 per share

 

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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