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Remuneration Information • Aug 13, 2021
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Remuneration Information
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National Storage Mechanism | Additional information 
RNS Number : 5108I
Royal Mail PLC
13 August 2021
Royal Mail plc
(Incorporated in England and Wales)
Company Number: 8680755
LSE Share Code: RMG
ISIN: GB00BDVZYZ77
LEI: 213800TCZZU84G8Z2M70
13 August 2021
Notification of Transactions of Directors/Persons Discharging Managerial Responsibility
Royal Mail plc Long Term Incentive Plan (LTIP) Grant
On 12 August 2021, the PDMRs listed below were granted conditional share awards over ordinary shares in Royal Mail plc under the Royal Mail LTIP. The number of shares awarded under the LTIP is set out in the table below, which is the maximum grant that the PDMRs are eligible for, and will only vest in full if the maximum performance condition is achieved.
| PDMR | Number of shares |
| Mark Amsden | 59,919 |
| Mick Jeavons | 125,831 |
| Martin Seidenberg | 147,098 |
| Simon Thompson | 157,289 |
LTIP awards normally vest at the end of the three-year performance period, once the Remuneration Committee has determined achievement against the performance condition. The earliest release date will be 12 August 2024, subject to the participant continuing to hold office or employment within the Royal Mail Group, and then subject to a two-year holding period. On vesting, the Committee must also be also satisfied that the performance of the Company against the relevant measures outlined below is reflective of the Company's underlying financial performance.
Executive Directors are required to retain any share-based awards until they achieve a shareholding equivalent of 200 per cent of salary. Other PDMRs are required to retain a shareholding equivalent of 100 per cent of salary.
The terms of these awards provide the Remuneration Committee with the ability to review the outcome at vesting and it may consider making appropriate adjustments to reflect this.
The performance measures and their respective weightings are as follows.
| Measure | Mick Jeavons (Group Chief Financial Officer) Mark Amsden (Group General Counsel) |
Stuart Thompson (CEO Royal Mail) |
Martin Seidenberg (CEO GLS) |
| Total Shareholder Return vs FTSE 51-150 (excluding mining and financials) comparator group | P (40%) |
P (40%) |
P (40%) |
| UK operating profit | P (20%) |
P (40%) |
|
| UK Parcels Revenue | P (10%) |
P (20%) |
|
| GLS EBITA | P (20%) |
P (40%) |
|
| GLS Cashflow | P (10%) |
P (20%) |
|
| Total | 100% | 100% | 100% |
The respective targets are as follows.
| Measure | Measurement period | Target |
| Total Shareholder Return vs FTSE 51-150 (excluding mining and financials) comparator group | 1 April 2021 - 31 March 2024 | Threshold (25% vesting) - Median Maximum (100% vesting) - UQ |
| UK operating profit | 2023-24 | Threshold (25% vesting) - £656.1m Maximum (100% vesting) - £801.9m |
| UK Parcels Revenue | 2023-24 | Threshold (25% vesting) - £5,344.7m Maximum (100% vesting) - £5,907.3m |
| GLS EBITA | 2023-24 | Threshold (25% vesting) - €410m Maximum (100% vesting) - €449.9m |
| GLS Cashflow | 2023-24 | Threshold (25% vesting) - €281.2m Maximum (100% vesting) - €310.8m |
More details will be disclosed in the directors' remuneration report in the 2021-22 Annual Report & Accounts.
No consideration was paid for the grant of the share awards.
The below notifications, made in accordance with the requirements of the UK Market Abuse Regulation, give further detail.
Notification of Dealing Form
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Mark Amsden
2
Reason for the notification
a)
Position/status
Group General Counsel and Company Secretary
b)
Initial notification /Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Royal Mail plc
b)
LEI
213800TCZZU84G8Z2M70
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
Identification code
Ordinary shares of £0.01 each in Royal Mail plc
GB00BDVZYZ77
b)
Nature of the transaction
Grant of ordinary shares under the Royal Mail Long Term Incentive Plan
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| Nil | 59,919 |
d)
Aggregated information
- Aggregated volume
- Price
n/a
n/a
e)
Date of the transaction
12 August 2021
f)
Place of the transaction
London Stock Exchange (XLON)
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Mick Jeavons
2
Reason for the notification
a)
Position/status
Group 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
Royal Mail plc
b)
LEI
213800TCZZU84G8Z2M70
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
Identification code
Ordinary shares of £0.01 each in Royal Mail plc
GB00BDVZYZ77
b)
Nature of the transaction
Grant of ordinary shares under the Royal Mail Long Term Incentive Plan
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| Nil | 125,831 |
d)
Aggregated information
- Aggregated volume
- Price
n/a
n/a
e)
Date of the transaction
12 August 2021
f)
Place of the transaction
London Stock Exchange (XLON)
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Martin Seidenberg
2
Reason for the notification
a)
Position/status
Chief Executive Officer, GLS
b)
Initial notification /Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Royal Mail plc
b)
LEI
213800TCZZU84G8Z2M70
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
Identification code
Ordinary shares of £0.01 each in Royal Mail plc
GB00BDVZYZ77
b)
Nature of the transaction
Grant of ordinary shares under the Royal Mail Long Term Incentive Plan
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| Nil | 147,098 |
d)
Aggregated information
- Aggregated volume
- Price
n/a
n/a
e)
Date of the transaction
12 August 2021
f)
Place of the transaction
London Stock Exchange (XLON)
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Simon Thompson
2
Reason for the notification
a)
Position/status
Chief Executive Officer, Royal Mail
b)
Initial notification /Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Royal Mail plc
b)
LEI
213800TCZZU84G8Z2M70
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
Identification code
Ordinary shares of £0.01 each in Royal Mail plc
GB00BDVZYZ77
b)
Nature of the transaction
Grant of ordinary shares under the Royal Mail Long Term Incentive Plan
c)
Price(s) and volume(s)
| Price(s) | Volume(s) |
| Nil | 157,289 |
d)
Aggregated information
- Aggregated volume
- Price
n/a
n/a
e)
Date of the transaction
12 August 2021
f)
Place of the transaction
London Stock Exchange (XLON)
Enquires:
Investor Relations
John Crosse
Email: [email protected]
Royal Mail investor relations line: 020 7449 8183
Media Relations
Helen Reynoldson
Phone: 07483 302 245
Royal Mail press office: [email protected]
Jenny Hall
Phone: 07776 993 036
Email: [email protected]
Company Secretary
Mark Amsden
Email: [email protected]
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