Next PLC

Remuneration Information • Mar 22, 2019

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RNS Number : 7966T

Next PLC

22 March 2019

Next plc

Notification of Transactions by Person Discharging Managerial Responsibility and Person Closely Associated With Them

The following awards were granted to executive directors on 22 March 2019 under the Next Long Term Incentive Plan (the "LTIP"):                                

	Maximum No. of Shares
Lord Wolfson of Aspley Guise	16,727
Amanda James	10,185
Richard Papp	9,873
Jane Shields	9,873

Under the terms of the LTIP the award comprises a conditional award of shares on the following terms:

·     the award will vest following the third anniversary of the date of grant subject to performance targets and continued employment in the Next Group;

·     a variable percentage of the maximum number of shares above can vest, depending on the relative Total Shareholder Return of Next over a three year period against a comparator group

·     for relative performance against the comparator group the percentage vesting will be

Relative performance	Percentage vesting
Below median	0%
Median	20%
Upper quintile	100%

·     before any of the awards vest, the Committee must have regard to the performance of the Company in the light of underlying economic and other circumstances, including EPS performance of the Company and of other UK retailers over the period;

·     to the extent that the performance condition is not met, the award will lapse completely;

·     to the extent that awards vest, dividend equivalents will be accrued; and

·     any vesting of these awards granted to executive directors (including dividend equivalents) will be settled in shares and, after payment of tax, the net shares received should be retained for a period of two further years.

LTIP awards are made twice a year. The maximum number of shares shown above is 100% of each director's base salary at the date of each grant, divided by NEXT's average share price over the three months prior to the start of the performance period.

The following notification made under article 19.1 of the Market Abuse Regulation ("MAR") related to awards granted to executive directors on 22 March 2019 under the LTIP.  This announcement is made in accordance with Article 19.3 of MAR.

1	Details of the person discharging managerial responsibilities ("PDMR") / person closely associated ("PCA")
a)	Name	1.   Lord Wolfson of Aspley Guise 2.   Amanda James 3.   Richard Papp 4.   Jane Shields
2	Reason for the notification
a)	Position/status	1.   Chief Executive (PDMR) 2.   Group Finance Director (PDMR) 3.   Group Merchandise and Operations Director (PDMR) 4.   Group Sales and Marketing Director (PDMR)
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Next plc
b)	LEI	213800WQD8ECPZP9PH98
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of £0.10 each - conditional award
Identification code	GB0032089863
b)	Nature of the transaction	Conditional award granted of shares under the LTIP. Maximum number of shares as follows: 1.    Lord Wolfson of Aspley Guise  -  16,727 2.    Amanda James - 10,185 3.    Richard Papp - 9,873 4.    Jane Shields - 9,873
c)	Price(s) and volume(s)
		Price(s)	Volume(s)
Lord Wolfson of Aspley Guise		Nil	16,727
Amanda James		Nil	10,185
Richard Papp		Nil	9,873
Jane Shields		Nil	9,873
d)	Aggregated information
- Aggregated volume	n/a single transactions
- Price	n/a
e)	Date of the transaction	22 March 2019
f)	Place of the transaction	Outside a trading venue

Seonna Anderson

Company Secretary

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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