TIDMNWG
RNS Number : 1775F
NatWest Group plc
12 November 2020
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 GBP1 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
GBP1.2499.
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 No. of Shares No. of
Shares withheld to Shares
delivered satisfy associated retained
tax liability
Robert Begbie CEO, NatWest Markets 65,006 31,250 33,756
------------------------ ----------- -------------------- ----------
Helen Cook Chief HR Officer 24,502 11,534 12,968
------------------------ ----------- -------------------- ----------
Chief Risk Officer,
Bruce Fletcher NatWest Group 60,005 28,245 31,760
------------------------ ----------- -------------------- ----------
Peter Flavel CEO, Wealth Businesses 45,032 21,197 23,835
------------------------ ----------- -------------------- ----------
David Lindberg
(1) CEO, Retail Banking 75,841 35,700 40,141
------------------------ ----------- -------------------- ----------
Andrew McLaughlin
(2) CEO, RBS International 30,003 - 30,003
------------------------ ----------- -------------------- ----------
Chief Administrative
Simon McNamara Officer 65,006 31,250 33,756
------------------------ ----------- -------------------- ----------
Chief Financial
Katie Murray Officer 150,013 70,613 79,400
------------------------ ----------- -------------------- ----------
Chief Executive
Alison Rose(3) Officer 220,018 103,564 116,454
------------------------ ----------- -------------------- ----------
CEO, Commercial
John Paul Thwaite Banking 45,004 21,184 23,820
------------------------ ----------- -------------------- ----------
Chief Transformation
Jen Tippin(4) 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 GBP1.4019. 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 1.0284 (1) 1,085,957(2)
---------------------- ------------ --------------
129,830
--------------------------------------- ------------ --------------
Chief Transformation
Jen Tippin Officer 1.1563(3) 1,133,682
---------------------- ------------ --------------
1.3775(4) 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 Award No. of No. of Shares No. of
of PDMR Shares withheld to vested
vested satisfy associated Shares
tax liability retained
Chief Transformation
Jen Tippin Officer Buy-out 213,612 100,550 113,062
---------------------- --------- -------- -------------------- ----------
Buy-out 28,119 13,236 14,883
----------------------------------------------- -------- -------------------- ----------
The market p rice used to determine the number of Shares
withheld to meet associated tax liabilities was GBP1.4019.
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 Relations
Alexander Holcroft
Head of Investor Relations
+44(0)20 7672 1758
NatWest Group Media Relations
+44(0)131 523 4205
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END
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