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Next PLC
Remuneration Information • Mar 22, 2024
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Remuneration Information
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National Storage Mechanism | Additional information 
RNS Number : 0201I
Next PLC
22 March 2024
22 March 2024
NEXT plc
Notification of Transactions by Persons Discharging Managerial Responsibilities and Persons Closely Associated with Them (PCA)
The following awards were granted to executive directors and a PCA on 22 March 2024 under the NEXT Long Term Incentive Plan (the "LTIP"):
| Maximum No. of Shares | |
| Lord Wolfson of Aspley Guise | 13,315 |
| Amanda James | 8,108 |
| Richard Papp | 7,859 |
| Jane Shields | 7,859 |
| Jeremy Stakol | 7,038 |
| Marcelle Stakol (PCA) | 1,910 |
Under the terms of each 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% |
| · | the Remuneration Committee has discretion to override and reduce formulaic outcomes under the LTIP awards should this be considered appropriate in the circumstances; |
| · | before any of the awards vest, the Committee must have regard to the underlying financial performance of the Company; |
| · | 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 (including dividend equivalents) will be settled in shares and, after payment of tax, the net shares received should be retained by executive directors for a period of two further years and PCAs for a further period of 6 months. |
LTIP awards are made twice a year. The maximum number of shares shown above is 112.5% of each executive director's (60% of PCA's) base salary at the date of 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 UK Market Abuse Regulation ("MAR") related to awards granted to executive directors on 22 March 2024 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 5. Jeremy Stakol 6. Marcelle Stakol |
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| 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, Marketing and HR Director (PDMR) 5. Group Investments, Acquisitions and Third Party Brands Director (PDMR) 6. Brand Director (PCA with Jeremy Stakol) |
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| b) | Initial notification /Amendment | Initial notification |
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| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||
| a) | Name | NEXT plc |
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| 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 - 13,315 2. Amanda James - 8,108 3. Richard Papp - 7,859 4. Jane Shields - 7,859 5. Jeremy Stakol - 7,038 6. Marcelle Stakol - 1,910 |
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| c) | Price(s) and volume(s) | |||
| Price(s) | Volume(s) | |||
| Lord Wolfson of Aspley Guise | Nil | 13,315 | ||
| Amanda James | Nil | 8,108 | ||
| Richard Papp | Nil | 7,859 | ||
| Jane Shields | Nil | 7,859 | ||
| Jeremy Stakol | Nil | 7,038 | ||
| Marcelle Stakol | Nil | 1,910 | ||
| d) | Aggregated information | |||
| - Aggregated volume | n/a single transactions | |||
| - Price | ||||
| e) | Date of the transaction | 22 March 2024 | ||
| f) | Place of the transaction | Outside a trading venue |
Seonna Anderson
Company Secretary
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