10
March 2025
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 2025 under the NatWest Group plc 2024 Employee Share Plan (the
Plan) to the PDMRs set
out below:
|
Name of
PDMR
|
Position of
PDMR
|
Award
|
Maximum no.
of
Shares eligible to
vest
|
|
Robert
Begbie
|
CEO,
NatWest Commercial & Institutional
|
RSP
|
278,153
|
|
Deferred
Award2
|
50,812
|
|
Angela
Byrne
|
Interim
CEO, Retail Banking
|
Deferred
Award1
|
41,094
|
|
Emma
Crystal
|
CEO,
Coutts and Wealth Businesses
|
RSP
|
217,489
|
|
Deferred
Award2
|
44,305
|
|
Keiran
Foad
|
Group
Chief Risk Officer
|
RSP
|
326,234
|
|
Deferred
Award2
|
57,339
|
|
Scott
Marcar
|
Group
Chief Information Officer
|
RSP
|
326,234
|
|
Deferred
Award2
|
65,761
|
|
Katie Murray
|
Group
Chief Financial Officer
|
RSP
|
311,583
|
|
Deferred
Award2
|
65,375
|
|
Paul
Thwaite
|
Group
Chief Executive Officer
|
RSP
|
451,682
|
|
Deferred
Award2
|
97,215
|
|
Jen
Tippin
|
Group
Chief Operating Officer
|
RSP
|
326,234
|
|
Deferred
Award2
|
65,701
|
|
The prices per Share used on the
grant of the above awards were Deferred Awards1 £4.2431,
Deferred Awards2 £4.5783 and RSP
£3.7933. 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, the RSP will be eligible to vest between 2028 and 2032.
Deferred Awards will be eligible to vest between 2025 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 2025 to the PDMRs
set out below. The awards were granted
under the Plan
between March 2019 and
August 2024. 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 Commercial & Institutional
|
LTI
|
149,999
|
75,113
|
74,886
|
|
Deferred
Award
|
38,942
|
19,501
|
19,441
|
|
Angela
Byrne
|
Interim
CEO, Retail Banking
|
Deferred
Award
|
15,747
|
7,413
|
8,334
|
|
Emma
Crystal1
|
CEO,
Coutts and Wealth Businesses
|
Buy-out
Award
|
41,909
|
19,727
|
22,182
|
|
Keiran
Foad1
|
Group
Chief Risk Officer
|
Buy-out
Award
|
100,196
|
47,163
|
53,033
|
|
Scott
Marcar1
|
Group
Chief Information Officer
|
Buy-out
Award
|
130,451
|
61,405
|
69,046
|
|
Katie
Murray
|
Group
Chief Financial Officer
|
LTI
|
326,943
|
153,895
|
173,048
|
|
Deferred
Award
|
41,790
|
19,671
|
22,119
|
|
Paul
Thwaite
|
Group
Chief Executive Officer
|
LTI
|
130,230
|
61,301
|
68,929
|
|
Deferred
Award
|
30,123
|
14,180
|
15,943
|
|
Jen
Tippin1
|
Group
Chief Operating Officer
|
LTI
|
144,576
|
68,053
|
76,523
|
|
Deferred
Award
|
97,743
|
46,009
|
51,734
|
|
Buy-out
Award
|
159,985
|
75,306
|
84,679
|
|
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.
|
The market price used
to meet associated tax
liabilities was
£4.5761.
Vested Shares
retained after payment of associated tax liabilities will be
subject to retention periods of twelve months, unless otherwise
indicated in the table above.
3. The Company
announces that Shares were delivered to PDMRs on 7 March 2025, as
set out below. The Shares delivered represent payment of a fixed
share allowance for the three-month period ending 31 March 2025 and
have been calculated using a share price of £4.7284.
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 Commercial & Institutional
|
19,167
|
9,598
|
9,569
|
|
Emma
Crystal
|
CEO,
Coutts and Wealth Businesses
|
14,540
|
6,844
|
7,696
|
|
Keiran
Foad
|
Group
Chief Risk Officer
|
21,810
|
10,266
|
11,544
|
|
Scott
Marcar
|
Group
Chief Information Officer
|
21,810
|
10,266
|
11,544
|
|
Katie
Murray
|
Group
Chief Financial Officer
|
41,661
|
19,610
|
22,051
|
|
Paul
Thwaite
|
Group
Chief Executive Officer
|
61,103
|
28,761
|
32,342
|
|
Jen
Tippin
|
Group
Chief Operating Officer
|
21,810
|
10,266
|
11,544
|
The market price used to determine
the number of Shares
withheld to meet
associated tax liabilities was £4.5761. Shares retained after payment of associated tax liabilities
will be held on behalf of PDMRs and will be released in instalments
over a five year period.
All of the above transactions took
place on the London Stock Exchange (XLON).
* Note:
the nominal value of ordinary shares without
rounding is £1.076923076923077 per
share
Legal Entity Identifier:
2138005O9XJIJN4JPN90
For further information
contact:
NatWest Group Investor Relations
Claire Kane
Director of Investor Relations
+44 20 7672 1758
NatWest Group Media Relations
+44(0)131 523 4205