Director/PDMR Shareholding

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 Awards1£2.3249, Deferred Awards2 £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

 

Robert Begbie

 

CEO, NatWest Markets

 

Deferred Award

 

86,052

41,369

44,683

 

Peter Flavel

 

CEO, Wealth Businesses

 

LTI

 

7,457

3,511

3,946

 

Deferred Award

 

94,260

44,370

49,890

 

Bruce Fletcher1

 

Group Chief Risk Officer

 

LTI

99,924

47,035

52,889

 

Deferred Award

 

54,608

25,705

28,903

 

Buy-out Award

17,942

8,446

9,496

Oliver Holbourn2

CEO, RBS International

Deferred Award

56,338

17,833

38,505

Scott Marcar1

Group Chief Information Officer

Buy-out Award

288,951

136,012

152,939

 

Andrew McLaughlin2

 

CEO, Commercial & Institutional (non-ring-fenced bank)

 

LTI

 

 

89,344

9,610

79,734

 

Deferred Award

 

58,717

4,242

54,475

 

Katie Murray

 

Group Chief Financial Officer

 

LTI

 

129,313

60,869

68,444

 

Deferred Award

 

68,585

32,284

36,301

 

Alison Rose

 

Group Chief Executive Officer

 

LTI

431,715

203,212

228,503

 

John-Paul Thwaite

CEO, Commercial & Institutional (ring-fenced bank)

 

Deferred Award

 

67,051

31,563

35,488

 

Jen Tippin1

 

Chief People & Transformation Officer

 

 

Buy-out Award

159,981

75,305

84,676

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 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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