LLOYDS BANKING GROUP PLC has announced the notification of transactions by Persons Discharging Managerial Responsibilities (PDMRs) in ordinary shares of the group of 10 pence each. The awards were made on 5 March 2024, and the release of awards occurred on 6 March 2024. The 2024 Long Term Incentive Plan (LTIP) awards were made to the executive directors and other members of the Group Executive Committee on 5 March 2024 under the rules of the Long Term Incentive Plan, as part of their variable pay for the performance year ended 31 December 2023. An LTIP award is an award of Shares in the Company, with a three-year forward-looking performance period commencing on 1 January 2024 and ending on 31 December 2026.
The number of Shares that will become eligible to vest will be determined based upon an assessment by the Group Remuneration Committee of performance against financial, strategic, and environmental performance measures in the LTIP scorecard. The 2023 Group Performance Share awards for the executive directors and other members of the Group Executive Committee is delivered half in an immediately vested Share award, with Shares subject to a holding period until March 2025, and half paid in cash (with 2,000 paid in March 2024 and the balance paid in June 2024).
The Deferred Group Performance Share Awards were released on 6 March 2024, which related to performance in 2021 and 2022. The first tranche of the Long Term Share Plan awards made in March 2021 vested in full. After the settlement of income tax and national insurance contributions, the PDMRs received the number of Shares as set out by their name. Executive directors and other members of the Group Executive Committee are required to retain any Shares vesting during a holding period of two years.