TIDMNWG
RNS Number : 4803S
NatWest Group plc
09 March 2023
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 GBP1.0769* 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
GBP1.076923076923077 per share
Name of PDMR Position of PDMR Award Maximum no. of
Shares eligible
to vest
Deferred Award
Robert Begbie CEO, NatWest Markets (1) 164,524
------------------------- ------------------ -----------------
Peter Flavel CEO, Wealth Businesses RSP 331,606
------------------------- ------------------ -----------------
Deferred Award
(2) 52,858
---------------------------------------------------------------- -----------------
Group Chief Risk
Bruce Fletcher Officer RSP 455,679
------------------------- ------------------ -----------------
Deferred Award
(2) 38,447
---------------------------------------------------------------- -----------------
Oliver Holbourn CEO, RBS International Deferred Award(3) 97,200
------------------------- ------------------ -----------------
David Lindberg CEO, Retail Banking RSP 442,077
------------------------- ------------------ -----------------
Deferred Award
(2) 85,642
---------------------------------------------------------------- -----------------
Group Chief Information Deferred Award
Scott Marcar Officer (1) 395,716
------------------------- ------------------ -----------------
CEO, Commercial
& Institutional
(non-ring-fenced Deferred Award
Andrew McLaughlin bank) (1) 90,327
------------------------- ------------------ -----------------
Group Chief Financial
Katie Murray Officer RSP 431,451
------------------------- ------------------ -----------------
Deferred Award
(2) 73,596
---------------------------------------------------------------- -----------------
Group Chief Executive
Alison Rose Officer RSP 632,794
------------------------- ------------------ -----------------
Deferred Award
(2) 113,820
---------------------------------------------------------------- -----------------
CEO, Commercial
& Institutional
John-Paul Thwaite (ring-fenced bank) RSP 425,074
------------------------- ------------------ -----------------
Deferred Award
(2) 63,764
---------------------------------------------------------------- -----------------
Chief People &
Transformation
Jen Tippin Officer RSP 561,098
------------------------- ------------------ -----------------
Deferred Award
(2) 101,720
---------------------------------------------------------------- -----------------
The prices per Share used on the grant of the above awards
were Deferred Awards(1) GBP2.3249, Deferred Awards(2) GBP2.8249,
Deferred Awards(3) GBP2.5463 and RSP GBP2.2055 . 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 Position Award No. of No. of No. of
PDMR of PDMR Shares vested Shares withheld vested Shares
to satisfy retained
associated
tax liability
CEO, NatWest Deferred
Robert Begbie Markets Award 86,052 41,369 44,683
-------------------- ------------ --------------- ----------------- ---------------
LTI 7,457 3,511 3,946
-------------------------------------------------------- --------------- ----------------- ---------------
CEO, Wealth Deferred
Peter Flavel Businesses Award 94,260 44,370 49,890
-------------------- ------------ --------------- ----------------- ---------------
LTI 99,924 47,035 52,889
-------------------------------------------------------- --------------- ----------------- ---------------
Deferred
Award 54,608 25,705 28,903
-------------------------------------------------------- --------------- ----------------- ---------------
Group Chief Buy-out
Bruce Fletcher(1) Risk Officer Award 17,942 8,446 9,496
-------------------- ------------ --------------- ----------------- ---------------
CEO, RBS Deferred
Oliver Holbourn(2) International Award 56,338 17,833 38,505
-------------------- ------------ --------------- ----------------- ---------------
Group Chief
Information Buy-out
Scott Marcar(1) Officer Award 288,951 136,012 152,939
-------------------- ------------ --------------- ----------------- ---------------
LTI 89,344 9,610 79,734
-------------------------------------------------------- --------------- ----------------- ---------------
CEO, Commercial
& Institutional
(non-ring-fenced Deferred
Andrew McLaughlin(2) bank) Award 58,717 4,242 54,475
-------------------- ------------ --------------- ----------------- ---------------
LTI 129,313 60,869 68,444
-------------------------------------------------------- --------------- ----------------- ---------------
Group Chief
Financial Deferred
Katie Murray Officer Award 68,585 32,284 36,301
-------------------- ------------ --------------- ----------------- ---------------
Group Chief
Executive
Alison Rose Officer LTI 431,715 203,212 228,503
-------------------- ------------ --------------- ----------------- ---------------
CEO, Commercial
& Institutional
John-Paul (ring-fenced Deferred
Thwaite bank) Award 67,051 31,563 35,488
-------------------- ------------ --------------- ----------------- ---------------
Chief People
& Transformation Buy-out
Jen Tippin(1) Officer 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 GBP2.920075.
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 GBP2.9216.
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 No. of No. of Shares No. of
PDMR Shares withheld to Shares retained
delivered satisfy associated
tax liability
CEO, NatWest
Robert Begbie Markets 12,836 6,173 6,663
-------------------- ----------- -------------------- -----------------
CEO, Wealth
Peter Flavel Businesses 21,393 10,074 11,319
-------------------- ----------- -------------------- -----------------
Group Chief
Bruce Fletcher Risk Officer 28,666 13,498 15,168
-------------------- ----------- -------------------- -----------------
CEO, Retail
David Lindberg Banking 27,811 13,093 14,718
-------------------- ----------- -------------------- -----------------
Group Chief
Information
Scott Marcar Officer 35,298 16,619 18,679
-------------------- ----------- -------------------- -----------------
CEO, Commercial
& Institutional
(non-ring-fenced
Andrew McLaughlin bank) 1,712 807 905
-------------------- ----------- -------------------- -----------------
Group Chief
Katie Murray Financial Officer 65,461 30,814 34,647
-------------------- ----------- -------------------- -----------------
Group Chief
Alison Rose Executive Officer 96,010 45,195 50,815
-------------------- ----------- -------------------- -----------------
CEO, Commercial
& Institutional
(ring-fenced
John-Paul Thwaite bank) 26,741 12,588 14,153
-------------------- ----------- -------------------- -----------------
Chief People
& Transformation
Jen Tippin Officer 35,298 16,619 18,679
-------------------- ----------- -------------------- -----------------
The market price used to determine the number of Shares withheld
to meet associated tax liabilities was GBP2.920075. 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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END
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