Last checked at 12 Nov 2020 15:28
12 November 2020
NatWest Group plc
INITIAL NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY (PDMRs) in accordance with Article 19 of the EU Market Abuse Regulation 596/2014
1. NatWest Group plc (the Company) announces that ordinary shares of £1 each in the Company (Shares) (ISIN: GB00B7T77214) were delivered to PDMRs on 10 November 2020, under the NatWest Group 2014 Employee Share Plan (the Plan) as set out below.
Unless otherwise stated, the Shares delivered represent payment of a fixed share allowance (FSA) for the three month period ending 31 December 2020 and have been calculated using a Share price of £1.2499.
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 | 65,006 | 31,250 | 33,756 |
Helen Cook | Chief HR Officer | 24,502 | 11,534 | 12,968 |
Bruce Fletcher | Chief Risk Officer, NatWest Group | 60,005 | 28,245 | 31,760 |
Peter Flavel | CEO, Wealth Businesses | 45,032 | 21,197 | 23,835 |
David Lindberg1 | CEO, Retail Banking | 75,841 | 35,700 | 40,141 |
Andrew McLaughlin2 | CEO, RBS International | 30,003 | - | 30,003 |
Simon McNamara | Chief Administrative Officer | 65,006 | 31,250 | 33,756 |
Katie Murray | Chief Financial Officer | 150,013 | 70,613 | 79,400 |
Alison Rose3 | Chief Executive Officer | 220,018 | 103,564 | 116,454 |
John Paul Thwaite | CEO, Commercial Banking | 45,004 | 21,184 | 23,820 |
Jen Tippin4 | Chief Transformation Officer | 125,725 | 59,180 | 66,545 |
1. David Lindberg received a FSA for the period 16 September to 31 December 2020. 2. The FSA was delivered when Andrew McLaughlin 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. 3. Alison Rose has waived her entitlement to 25% of her total fixed pay for the period 9 April 2020 to 31 December 2020 and this is being effected through a reduction in the number of Shares she receives by way of FSA. 4. Jen Tippin received a FSA for the period 14 August to 31 December 2020. | ||||
The market price used to determine the number of Shares withheld to meet associated tax liabilities was £1.4019. Shares retained after payment of associated tax liabilities will be held on behalf of PDMRs in the Computershare Retained Share Nominee account and will be released in instalments over a three year period.
2. The Company also announces that on 10 November 2020, conditional Buy-out awards (Awards) were granted under the Plan to the PDMRs set out below in order to replace awards forfeited by such individuals on leaving their previous employer.
Name of PDMR | Position of PDMR | Award price | No. of Shares granted |
David Lindberg | CEO, Retail Banking | 1.02841 | 1,085,9572 |
129,830 | |||
Jen Tippin | Chief Transformation Officer | 1.15633 | 1,133,682 |
1.37754 | 28,119 | ||
1. The Award price has been calculated using a 5 day average Share price taken immediately prior to the PDMR joining the Group. 2. The vesting level will mirror the final performance outcome applicable to the PDMR's original Westpac awards, as disclosed in the future annual report and accounts of Westpac, subject to a maximum of 1,085,957 Shares. 3. The Award price has been calculated using a 5 day average Share price taken immediately prior to the PDMR joining the Group. 4. The Award price has been calculated using the closing Share price on 9 November 2020 and was granted in respect of a forfeited cash award. | |||
Mr Lindberg's Awards are eligible to vest between 2020 and 2023 and Ms Tippin's Awards are eligible to vest between 2020 and 2027. The Awards are subject to malus and clawback provisions, where applicable.
3. The Company announces that on 10 November 2020, buy-outs over Shares vested to the PDMR set out below. The number of Shares withheld to meet associated tax liabilities arising on vesting and the number of vested Shares retained by the 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 |
Jen Tippin | Chief Transformation Officer | Buy-out | 213,612 | 100,550 | 113,062 |
Buy-out | 28,119 | 13,236 | 14,883 |
The market price used to determine the number of Shares withheld to meet associated tax liabilities was £1.4019.
Vested Shares retained after payment of associated tax liabilities will, where applicable, be subject to retention periods which mirror the retention periods applicable to the PDMR's original Lloyds Banking Group awards.
The above transactions took place on the London Stock Exchange (XLON).
Legal Entity Identifier: 2138005O9XJIJN4JPN90
For further information contact:-
NatWest Group Investor RelationsAlexander Holcroft
Head of Investor Relations+44(0)20 7672 1758
NatWest Group Media Relations
+44(0)131 523 4205