Director/PDMR Shareholding

RNS Number : 9901I

Next PLC

26 March 2018

Next plc ("Next" and the "Company")

For immediate release

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility

The following awards were granted to executive directors on 26 March 2018 under the Next Long Term Incentive Plan (the "LTIP"):

	Maximum No. of Shares
Lord Wolfson of Aspley Guise	17,245
Amanda James	9,279
Jane Shields	9,279

Under the terms of the LTIP the award comprises a conditional award of shares on the following terms:

· the award will vest following the third anniversary of the date of grant subject to performance targets and continued employment in the Next Group;

· a variable percentage of the maximum number of shares above can vest, depending on the relative Total Shareholder Return of Next over a three year period against a comparator group (comprising 20 other UK listed retail companies selected by the Remuneration Committee as being comparable with NEXT in size or nature of their business);

· for relative performance against the comparator group the percentage vesting will be

Relative performance	Percentage vesting
Below median	0%
Median	20%
Upper quintile	100%

· before any of the awards vest, the Committee must have regard to the performance of the Company in the light of underlying economic and other circumstances, including EPS performance of the Company and of other UK retailers over the period;

· to the extent that the performance condition is not met, the award will lapse completely;

· to the extent that awards vest, dividend equivalents will be accrued; and

· any vesting of these awards granted to executive directors (including dividend equivalents) will be settled in shares and, after payment of tax, the net shares received should be retained for a period of two further years.

LTIP awards are made twice a year. The maximum number of shares shown above is 100% of each director's base salary at the date of each grant, divided by NEXT's average share price over the three months prior to the start of the performance period.

The following notification made under article 19.1 of the Market Abuse Regulation ("MAR") related to awards granted to executive directors on 26 March 2018 under the LTIP. This announcement is made in accordance with Article 19.3 of MAR.

1.	Details of PDMR / person closely associated with them ("PCA")
a)	Name	1. Lord Wolfson of Aspley Guise 2. Amanda James 3. Jane Shields
b)	Position / status	1. Chief Executive 2. Finance Director 3. Group Sales and Marketing Director
c)	Initial notification / amendment	Initial notification
2.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument	Conditional award of Ordinary shares of £0.10 each GB0032089863
b)	Nature of the transaction	Conditional award granted of shares under the LTIP. Maximum number of Shares as follows: 1. Lord Wolfson of Aspley Guise - 17,245 2. Amanda James - 9,279 3. Jane Shields - 9,279
c)	Price(s) and volume(s)	N/A
d)	Aggregated information	N/A
e)	Date of the transaction	26 March 2018
f)	Place of transaction	N/A