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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November 12, 2020 10:28 ET (15:28 GMT)