Director/PDMR Shareholding

RNS Number : 2205E

NatWest Group plc

09 March 2022

 

9 March 2022

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 long term incentive (LTI) awards over ordinary shares of £1 each in the Company (Shares) (ISIN: GB00B7T77214) have been granted on 7 March 2022 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	413,074
Peter Flavel	CEO, Wealth Businesses	LTI	374,348
Bruce Fletcher	Chief Risk Officer, NatWest Group	LTI	490,525
David Lindberg	CEO, Retail Banking	LTI	567,976
Andrew McLaughlin	CEO, RBS International	LTI	361,440
Simon McNamara	Chief Administrative Officer	LTI	516,342
Katie Murray	Chief Financial Officer	LTI	580,885
Alison Rose	Chief Executive Officer	LTI	877,781
John-Paul Thwaite	CEO, Commercial Banking	LTI	410,492
Jen Tippin	Chief People & Transformation Officer	LTI	722,879

The price per Share used on the grant of the above LTI awards was £1.8205. The price is discounted to reflect the absence of dividend equivalents during the deferral period .

The LTI awards were determined with reference to the performance of the relevant PDMRs against pre-determined performance targets. 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 2025 and 2029. 

Malus provisions will apply to LTI awards 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 LTI awards and conditional deferred awards (Deferred Awards), including buy-outs, over Shares vested on 7 March 2022 to the PDMRs set out below. The awards were granted under the Plan between March 2017 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	26,034	12,516	13,518
		Deferred Award	103,140	49,584	53,556
Peter Flavel	CEO, Wealth Businesses	LTI	7,456	3,510	3,946
		Deferred Award	76,244	35,890	40,354
Bruce Fletcher1	Chief Risk Officer, NatWest Group	Deferred Award	54,608	25,705	28,903
		Buy-out Award	35,448	16,686	18,762
Andrew McLaughlin2	CEO, RBS International	LTI	32,806	-	32,806
		Deferred Award	80,463	-	80,463
Simon McNamara	Chief Administrative Officer	LTI	194,755	93,624	101,131
Katie Murray	Chief Financial Officer	LTI	31,191	14,682	16,509
		Deferred Award	85,670	40,327	45,343
Alison Rose	Chief Executive Officer	LTI	255,379	120,209	135,170
John-Paul Thwaite	CEO, Commercial Banking	LTI	17,770	8,365	9,405
		Deferred Award	77,922	36,680	41,242
Jen Tippin1	Chief People & Transformation Officer	Buy-out Award	125,975	59,299	66,676
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 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 £1.8916. 

Vested Shares retained after payment of associated tax liabilities will be subject to retention periods of between six and twelve months, unless otherwise indicated in the table above.

3. The Company announces that Shares were delivered to PDMRs on 7 March 2022, as set out below. The Shares delivered represent payment of a fixed share allowance for the three month period ending 31 March 2022 and have been calculated using a share price of £2.2334.

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	36,380	17,490	18,890
Peter Flavel	CEO, Wealth Businesses	25,202	11,864	13,338
Bruce Fletcher	Chief Risk Officer, NatWest Group	37,499	17,652	19,847
David Lindberg	CEO, Retail Banking	36,380	17,126	19,254
Andrew McLaughlin 1	CEO, RBS International	16,791	-	16,791
Simon McNamara	Chief Administrative Officer	36,380	17,490	18,890
Katie Murray	Chief Financial Officer	83,953	39,518	44,435
Alison Rose	Chief Executive Officer	123,131	57,960	65,171
John-Paul Thwaite	CEO, Commercial Banking	34,981	16,466	18,515
Jen Tippin	Chief People & Transformation Officer	46,174	21,737	24,437
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 £1.8916. 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
[phone]

NatWest Group Media Relations 

[phone]

 

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