Director/PDMR Shareholding

RNS Number : 7440O

Next PLC

02 July 2010

 



Next plc

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility

The following grant of awards was made on 29 June 2010 in respect of the Next 2010 Share Matching Plan:

Simon Wolfson	65,190
Christos Angelides	46,132
David Keens	44,796
Andrew Varley	32,203

The Directors named, along with other senior executives, have invested part or all of the cash element of their discretionary 2009/10 annual bonus in Next plc ordinary shares ("Investment Shares"), and the Company has granted awards up to a maximum of 200% of the pre-tax amount used to buy these Investment Shares.

Awards normally vest 3 years after grant, provided the Investment Shares have been retained by the participant, they are still employed in the Next Group and the performance condition set by the Remuneration Committee has been satisfied. For these awards the performance condition will require the attainment of earnings per share ("EPS") targets for the year ending January 2013: 25% of awards will vest if EPS growth over 2010 reaches 15p, 50% if it reaches 30p, and 100% if it reaches 45p. Between these EPS growth levels, straight line vesting will apply. For this purpose, EPS will be the Company's post-tax fully diluted EPS, although the Remuneration Committee may adjust this EPS measure for exceptional items. To the extent that the performance condition is not met, the award will lapse.

This notification is provided in accordance with DTR3.1.4R(1).

Mr A J R McKinlay

Company Secretary

Next plc

 

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