Next PLC Director/PDMR Shareholding (4794Z)
19 September 2020 - 12:02AM
UK Regulatory
TIDMNXT
RNS Number : 4794Z
Next PLC
18 September 2020
Next plc
Notification of Transactions by Person Discharging Managerial
Responsibility and Person Closely Associated With Them
The following awards were granted to executive directors on 18
September 2020 under the Next Long Term Incentive Plan (the
"LTIP"):
Maximum No. of
Shares
Lord Wolfson of Aspley Guise 20,757
---------------
Amanda James 12,639
---------------
Richard Papp 12,252
---------------
Jane Shields 12,252
---------------
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;
-- for relative performance against the comparator group the percentage vesting will be
Relative performance Percentage vesting
Below median 0%
Median 20%
Upper quintile 100%
-- as outlined in the Directors' Remuneration Policy approved by
shareholders on 14 May 2020, 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 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;
-- to the extent that awards vest, dividend equivalents will be accrued; and
-- any vesting of these awards granted to executive directors
(including dividend equivalents) will be settled in shares and,
after payment of tax, the net shares received should be retained
for a minimum period of two further years.
LTIP awards are made twice a year. The maximum number of shares
shown above is 125% 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. The total
across the two LTIP awards made this year is 225% of each
director's base salary.
The following notification made under article 19.1 of the Market
Abuse Regulation ("MAR") related to awards granted to executive
directors on 18 September 2020 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
--------------------------------------- -----------------------------------------------
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 and Marketing Director
(PDMR)
--------------------------------------- -----------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- -----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------------
a) Name Next plc
--------------------------------------- -----------------------------------------------
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 Ordinary shares of GBP0.10 each -
financial instrument, conditional award
type of instrument
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 -
20,757
2. Amanda James - 12,639
3. Richard Papp - 12,252
4. Jane Shields - 12,252
--------------------------------------- -----------------------------------------------
c) Price(s) and volume(s)
--------------------- ---------------------
Price(s) Volume(s)
--------------------- ---------------------
Lord Wolfson of Aspley
Guise Nil 20,757
------------------------- ---------------------
Amanda James Nil 12,639
------------------------- ---------------------
Richard Papp Nil 12,252
------------------------- ---------------------
Jane Shields Nil 12,252
------------------------- ---------------------
d) Aggregated information
- Aggregated volume n/a single transactions
- Price n/a
e) Date of the transaction 18 September 2020
--------------------------------------- -----------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------------------- -----------------------------------------------
Seonna Anderson
Company Secretary
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END
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