NEXT PLC has released a replacement announcement regarding the 'Notification of Transactions by Persons Discharging Managerial Responsibility and Persons Closely Associated with Them' made on 22 September 2023. The updated form now includes the award made to Marcelle Stakol over 2,180 shares, while all other details remain unchanged.
The awards were granted to executive directors and a PCA on 22 September 2023 under the NEXT Long Term Incentive Plan (LTIP). The conditional award of shares will vest following the third anniversary of the date of grant, subject to performance targets and continued employment in the NEXT Group. The Remuneration Committee has discretion to override and reduce formulaic outcomes under the LTIP awards if deemed appropriate. Before any of the awards vest, the Committee must consider the underlying financial performance of the Company.
LTIP awards are made twice a year, and the maximum number of shares granted is 112.5% of each executive director's base salary at the date of grant, divided by NEXT's average share price over the three months prior to the start of the performance period. The notification made under article 19.1 of the UK Market Abuse Regulation ("MAR") related to awards granted to executive directors on 22 September 2023 under the LTIP.
The details of the transaction include the description of the financial instrument, nature of the transaction, date of the transaction, and place of the transaction. The conditional award granted of shares under the LTIP includes a maximum number of shares for each individual. The price for the transaction is listed as "Nil" for all individuals, and the date of the transaction is 22 September 2023, which took place outside a trading venue.
This announcement provides insight into the LTIP awards granted to executive directors and a PCA, shedding light on the conditions for vesting, performance targets, and the discretionary powers of the Remuneration Committee.