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Barratt Developments PLC
Remuneration Information • Oct 13, 2022
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Remuneration Information
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National Storage Mechanism | Additional information 
RNS Number : 8317C
Barratt Developments PLC
13 October 2022
BARRATT DEVELOPMENTS PLC
(the 'Company')
Notification and public disclosure of transactions by persons discharging managerial responsibilities ('PDMRs') and persons closely associated ('PCAs') with them
Grant of Awards under the Barratt Developments PLC Long-Term Performance Plan (the 'LTPP')
The Company announces that the following awards were made on 12 October 2022 under the LTPP:
| Executive Director | Role | Number of shares under award |
| David Thomas | Chief Executive | 307,746 |
| Steven Boyes | Chief Operating Officer & Deputy Chief Executive | 248,243 |
| Mike Scott | Chief Financial Officer | 189,382 |
The number of shares over which the awards were granted were calculated based on a price of £4.438 per share, being the average of the closing prices, as derived from the London Stock Exchange daily official list, for each of the dealing days in the period of three months ending with the day before the Grant Date. On 5th October 2022 the Remuneration Committee agreed to reduce the level of the 2022 LTPP award to avoid windfall gains given the fall in the Company's share price since the last grant in October 2021. The percentages represent a reduction of 15% of the normal level of the award.
The awards are subject to the attainment of performance targets based on TSR (30%), Adjusted EPS (15%), Underlying ROCE (40%) and reduction of Greenhouse Gas Emissions (15%), measured over a three-year performance period commencing 1 July 2022. The awards are also subject to a two-year holding period commencing from 1 July 2025, being the end of the performance period. No shares will be released to the Executive Directors until such time as any tax and national insurance contributions due on release of the shares has been settled. These shares will accrue a dividend equivalent between the date of grant and the date on which the awards vest.
Grant of Awards under the Barratt Developments PLC Deferred Bonus Plan (the 'DBP')
Further to the disclosure in the Company's 2022 Annual Report and Accounts in respect of the deferral into shares of any bonus earned in excess of 100% of base salary for the financial year ended 30 June 2022, the Company announces that it has granted following awards (the 'DBP Awards') to David Thomas and Steven Boyes on 12 October 2022 under the DBP:
| Executive Director | Role | Amount of bonus deferred (£) | Number of shares under award |
| David Thomas | Chief Executive | 370,500 | 88,632 |
| Steven Boyes | Chief Operating Officer & Deputy Chief Executive | 298,864 | 71,495 |
The number of shares awarded was calculated at a share price of 418.02 pence per share, being the average of the closing middle-market quotations, as derived from the daily official list of the Stock Exchange, for the first five dealing days following the date of the final results announcement of the Company for the financial year ended 30 June 2022.
The DBP Awards will be subject to a continued employment condition for a period of three years, commencing 12 October 2022. At the end of the three years, the shares will be released to the participants, subject to the payment of any tax and national insurance liability due on the shares at that time. No matching shares have been granted against the DBP Awards. These shares will accrue a dividend equivalent.
Following the above transactions, the Company confirms that at the date of this announcement, each of the Executive Directors holds the following total number of options and awards over Ordinary Shares of 10 pence each in the Company:
| Executive Director | Role | Total number of shares under option and/or award |
| David Thomas | Chief Executive | 1,251,964 |
| Steven Boyes | Chief Operating Officer & Deputy Chief Executive | 1,004,167 |
| Mike Scott | Chief Financial Officer | 424,026 |
The Notification of Dealing Forms for the above transactions by David Thomas, Steven Boyes and Mike Scott respectively are set out below:
Notification of Dealing Form - David Thomas
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | David Thomas |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Executive |
| b) | Initial notification /Amendment | Initial notification |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Barratt Developments PLC |
| b) | LEI | 2138006R85VEOF5YNK29 |
| 4.1 | 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 Identification code |
Ordinary Shares of 10 pence ISIN: GB0000811801 |
| b) | Nature of the transaction | Grant of a Conditional Award under the Barratt Developments Long-Term Performance Plan |
| c) | Price(s) and volume(s) | 307,746 shares awarded at no cost |
| d) | Aggregated information - Aggregated volume - Price |
N/A - Single Transaction |
| e) | Date of the transaction | 12 October 2022 |
| f) | Place of the transaction | Outside a trading venue |
| 4.2 | 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 Identification code |
Ordinary Shares of 10 pence ISIN: GB0000811801 |
| b) | Nature of the transaction | Grant of a Conditional Award under the Barratt Developments Deferred Bonus Plan |
| c) | Price(s) and volume(s) | 88,632 shares awarded at no cost |
| d) | Aggregated information - Aggregated volume - Price |
N/A - Single Transaction |
| e) | Date of the transaction | 12 October 2022 |
| f) | Place of the transaction | Outside a trading venue |
Notification of Dealing Form - Steven Boyes
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Steven Boyes | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Operating Officer and Deputy Chief Executive | |
| b) | Initial notification /Amendment | Initial notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Barratt Developments PLC | |
| b) | LEI | 2138006R85VEOF5YNK29 | |
| 4.1 | 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 Identification code |
Ordinary Shares of 10 pence ISIN: GB0000811801 |
|
| b) | Nature of the transaction | Grant of a Conditional Award under the Barratt Developments Long-Term Performance Plan | |
| c) | Price(s) and volume(s) | 248,243 shares awarded at no cost | |
| d) | Aggregated information - Aggregated volume - Price |
N/A - Single Transaction | |
| e) | Date of the transaction | 12 October 2022 | |
| f) | Place of the transaction | Outside a trading venue | |
| 4.2 | 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 Identification code |
Ordinary Shares of 10 pence ISIN: GB0000811801 |
|
| b) | Nature of the transaction | Grant of a Conditional Award under the Barratt Developments Deferred Bonus Plan | |
| c) | Price(s) and volume(s) | 71,495 shares awarded at no cost | |
| d) | Aggregated information - Aggregated volume - Price |
N/A - Single Transaction | |
| e) | Date of the transaction | 12 October 2022 | |
| f) | Place of the transaction | Outside a trading venue | |
Notification of Dealing Form - Mike Scott
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Mike Scott |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Financial Officer |
| b) | Initial notification /Amendment | Initial notification |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Barratt Developments PLC |
| b) | LEI | 2138006R85VEOF5YNK29 |
| 4.1 | 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 Identification code |
Ordinary Shares of 10 pence ISIN: GB0000811801 |
| b) | Nature of the transaction | Grant of a Conditional Award under the Barratt Developments Long-Term Performance Plan |
| c) | Price(s) and volume(s) | 189,382 shares awarded at no cost |
| d) | Aggregated information - Aggregated volume - Price |
N/A - Single Transaction |
| e) | Date of the transaction | 12 October 2022 |
| f) | Place of the transaction | Outside a trading venue |
This notification is made in accordance with the requirements of the UK Market Abuse Regulation.
For further information, please contact:
Tina Bains, Company Secretary 01530 278 278
Date of Notification: 13 October 2022
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