Next PLC — Remuneration Information 2015

Sep 11, 2015

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 8546Y

Next PLC

11 September 2015

Next plc

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility

The following awards were granted to executive directors on 11 September 2015 under the Next Long Term Incentive Plan ("LTIP"):                                              

	Maximum No. of Shares
Lord Wolfson of Aspley Guise	10,106
Amanda James	4,079
Michael Law	5,438
Jane Shields	5,438

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 (comprising 20 other UK listed retail companies selected by the Remuneration Committee as being comparable with NEXT in size or nature of their business);

·     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; and

·     any vesting of these awards granted to executive directors 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.

This notification is provided in accordance with DTR 3.1.4R(1).

Seonna Anderson

Company Secretary

Next plc

This information is provided by RNS

The company news service from the London Stock Exchange

END

RDSLLFIVAVILLIE