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 Award1 |
164,524 |
|
Peter Flavel |
CEO, Wealth Businesses |
RSP |
331,606 |
|
Deferred Award2 |
52,858 |
||
|
Bruce Fletcher |
Group Chief Risk Officer |
RSP |
455,679 |
|
Deferred Award2 |
38,447 |
||
|
Oliver Holbourn |
CEO, RBS International |
Deferred Award³ |
97,200 |
|
David Lindberg |
CEO, Retail Banking |
RSP |
442,077 |
|
Deferred Award2 |
85,642 |
||
|
Scott Marcar |
Group Chief Information Officer |
Deferred Award1 |
395,716 |
|
Andrew McLaughlin |
CEO, Commercial & Institutional (non-ring-fenced bank) |
Deferred Award1 |
90,327 |
|
Katie Murray |
Group Chief Financial Officer |
RSP |
431,451 |
|
Deferred Award2 |
73,596 |
||
|
Alison Rose |
Group Chief Executive Officer |
RSP |
632,794 |
|
Deferred Award2 |
113,820 |
||
|
John-Paul Thwaite |
CEO, Commercial & Institutional (ring-fenced bank) |
RSP |
425,074 |
|
Deferred Award2 |
63,764 |
||
|
Jen Tippin |
Chief People & Transformation Officer |
RSP |
561,098 |
|
Deferred Award2 |
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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