REG - NatWest Group plc - Director/PDMR Shareholding
09/03/2023 16:00
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RNS Number : 4803S NatWest Group plc 09 March 2023
9 March 2023
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 2023 under the NatWest Group plc 2014 Employee Share
Plan (the Plan) to the PDMRs set out below:-
* Note: the nominal value of ordinary shares without rounding is
£1.076923076923077 per share
Name of PDMR Position of PDMR Award Maximum no. of
Shares eligible to vest
Robert Begbie CEO, NatWest Markets Deferred Award(1) 164,524
Peter Flavel CEO, Wealth Businesses RSP 331,606
Deferred Award(2) 52,858
Bruce Fletcher Group Chief Risk Officer RSP 455,679
Deferred Award(2) 38,447
Oliver Holbourn CEO, RBS International Deferred Award³ 97,200
David Lindberg CEO, Retail Banking RSP 442,077
Deferred Award(2) 85,642
Scott Marcar Group Chief Information Officer Deferred Award(1) 395,716
Andrew McLaughlin CEO, Commercial & Institutional (non-ring-fenced bank) Deferred Award(1) 90,327
Katie Murray Group Chief Financial Officer RSP 431,451
Deferred Award(2) 73,596
Alison Rose Group Chief Executive Officer RSP 632,794
Deferred Award(2) 113,820
John-Paul Thwaite CEO, Commercial & Institutional (ring-fenced bank) RSP 425,074
Deferred Award(2) 63,764
Jen Tippin Chief People & Transformation Officer RSP 561,098
Deferred Award(2) 101,720
The prices per Share used on the grant of the above awards were Deferred
Awards(1)£2.3249, Deferred Awards(2) £2.8249, Deferred Awards³ £2.5463 and
RSP £2.2055. 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, RSP will be eligible to vest between 2026 and
2030, Deferred Awards are eligible to vest between 2023 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 2023 to the PDMRs set
out below. The awards were granted under the Plan between March 2017 and
November 2022. 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
86,052 41,369 44,683
Robert Begbie CEO, NatWest Markets Deferred Award
7,457 3,511 3,946
Peter Flavel CEO, Wealth Businesses LTI
94,260 44,370 49,890
Deferred Award
99,924 47,035 52,889
Bruce Fletcher(1) Group Chief Risk Officer LTI
54,608 25,705 28,903
Deferred Award
17,942 8,446 9,496
Buy-out Award
Oliver Holbourn(2) CEO, RBS International Deferred Award 56,338 17,833 38,505
Scott Marcar(1) Group Chief Information Officer Buy-out Award 288,951 136,012 152,939
89,344 9,610 79,734
Andrew McLaughlin(2) CEO, Commercial & Institutional (non-ring-fenced bank) LTI
58,717 4,242 54,475
Deferred Award
129,313 60,869 68,444
Katie Murray Group Chief Financial Officer LTI
68,585 32,284 36,301
Deferred Award
431,715 203,212 228,503
Alison Rose Group Chief Executive Officer LTI
CEO, Commercial & Institutional (ring-fenced bank) 67,051 31,563 35,488
John-Paul Thwaite Deferred Award
159,981 75,305 84,676
Jen Tippin(1) Chief People & Transformation Officer Buy-out Award
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 £2.920075.
Vested Shares retained after payment of associated tax liabilities will be
subject to retention periods of between six and twenty four months, unless
otherwise indicated in the table above.
3. The Company announces that Shares were delivered to PDMRs on 7 March
2023, as set out below. The Shares delivered represent payment of a fixed
share allowance for the three-month period ending 31 March 2023 and have been
calculated using a share price of £2.9216.
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 12,836 6,173 6,663
Peter Flavel CEO, Wealth Businesses 21,393 10,074 11,319
Bruce Fletcher Group Chief Risk Officer 28,666 13,498 15,168
David Lindberg CEO, Retail Banking 27,811 13,093 14,718
Scott Marcar Group Chief Information Officer 35,298 16,619 18,679
Andrew McLaughlin CEO, Commercial & Institutional (non-ring-fenced bank) 1,712 807 905
Katie Murray Group Chief Financial Officer 65,461 30,814 34,647
Alison Rose Group Chief Executive Officer 96,010 45,195 50,815
John-Paul Thwaite CEO, Commercial & Institutional (ring-fenced bank) 26,741 12,588 14,153
Jen Tippin Chief People & Transformation Officer 35,298 16,619 18,679
The market price used to determine the number of Shares withheld to meet
associated tax liabilities was £2.920075. 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.
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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