Natwest Group PLC

Director's Dealing • Nov 12, 2020

National Storage Mechanism | Additional information

RNS Number : 1775F

NatWest Group plc

12 November 2020

12 November 2020

NatWest Group plc

INITIAL NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY (PDMRs) in accordance with Article 19 of the EU Market Abuse Regulation 596/2014

1.   NatWest Group plc (the Company) announces that ordinary shares of £1 each in the Company (Shares) (ISIN: GB00B7T77214) were delivered to PDMRs on 10 November 2020, under the NatWest Group 2014 Employee Share Plan (the Plan) as set out below. 

Unless otherwise stated, the Shares delivered represent payment of a fixed share allowance (FSA) for the three month period ending 31 December 2020 and have been calculated using a Share price of £1.2499.

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 Markets	65,006	31,250	33,756
Helen Cook	Chief HR Officer	24,502	11,534	12,968
Bruce Fletcher	Chief Risk Officer, NatWest Group	60,005	28,245	31,760
Peter Flavel	CEO, Wealth Businesses	45,032	21,197	23,835
David Lindberg1	CEO, Retail Banking	75,841	35,700	40,141
Andrew McLaughlin2	CEO, RBS International	30,003	-	30,003
Simon McNamara	Chief Administrative Officer	65,006	31,250	33,756
Katie Murray	Chief Financial Officer	150,013	70,613	79,400
Alison Rose3	Chief Executive Officer	220,018	103,564	116,454
John Paul Thwaite	CEO, Commercial Banking	45,004	21,184	23,820
Jen Tippin4	Chief Transformation Officer	125,725	59,180	66,545
1. David Lindberg received a FSA for the period 16 September to 31 December 2020. 2. The FSA was delivered when Andrew McLaughlin was resident in Jersey and therefore is taxable in Jersey only and not in the UK. No employer tax withholding is required under Jersey law. The Jersey income tax payable in respect of the vesting of the award will be paid by the PDMR directly to the Jersey tax authority. 3. Alison Rose has waived her entitlement to 25% of her total fixed pay for the period 9 April 2020 to 31 December 2020 and this is being effected through a reduction in the number of Shares she receives by way of FSA. 4. Jen Tippin received a FSA for the period 14 August to 31 December 2020.

The market price used to determine the number of Shares withheld to meet associated tax liabilities was £1.4019.  Shares retained after payment of associated tax liabilities will be held on behalf of PDMRs in the Computershare Retained Share Nominee account and will be released in instalments over a three year period.

2.    The Company also announces that on 10 November 2020, conditional Buy-out awards (Awards) were granted under the Plan to the PDMRs set out below in order to replace awards forfeited by such individuals on leaving their previous employer.

Name of PDMR	Position of PDMR	Award price	No. of Shares granted
David Lindberg	CEO, Retail Banking	1.02841	1,085,9572
129,830
Jen Tippin	Chief Transformation Officer	1.15633	1,133,682
1.37754	28,119
1.     The Award price has been calculated using a 5 day average Share price taken immediately prior to the PDMR joining the Group. 2.     The vesting level will mirror the final performance outcome applicable to the PDMR's original Westpac awards, as disclosed in the future annual report and accounts of Westpac, subject to a maximum of 1,085,957 Shares. 3.     The Award price has been calculated using a 5 day average Share price taken immediately prior to the PDMR joining the Group. 4.     The Award price has been calculated using the closing Share price on 9 November 2020 and was granted in respect of a forfeited cash award.

Mr Lindberg's Awards are eligible to vest between 2020 and 2023 and Ms Tippin's Awards are eligible to vest between 2020 and 2027. The Awards are subject to malus and clawback provisions, where applicable.

3.   The Company announces that on 10 November 2020, buy-outs over Shares vested to the PDMR set out below. The number of Shares withheld to meet associated tax liabilities arising on vesting and the number of vested Shares retained by the 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
Jen Tippin	Chief Transformation Officer	Buy-out	213,612	100,550	113,062
Buy-out	28,119	13,236	14,883

The market price used to determine the number of Shares withheld to meet associated tax liabilities was £1.4019.

Vested Shares retained after payment of associated tax liabilities will, where applicable, be subject to retention periods which mirror the retention periods applicable to the PDMR's original Lloyds Banking Group awards.  

The above transactions took place on the London Stock Exchange (XLON).

Legal Entity Identifier: 2138005O9XJIJN4JPN90

For further information contact:-

NatWest Group Investor Relations

Alexander Holcroft

Head of Investor Relations

+44(0)20 7672 1758

NatWest Group Media Relations 

+44(0)131 523 4205

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