Director/PDMR Shareholding

RNS Number : 6377X

Royal Bank of Scotland Group PLC

18 August 2009

 



The Royal Bank of Scotland Group plc - Director/PDMR Shareholding

The Royal Bank of Scotland Group plc ('RBS') announces that the following awards were made to Brian Hartzer and Nathan Bostock, both Persons Discharging Managerial Responsibility ('PDMRs'), on 17 August 2009.  These awards are designed to ensure that the Executive's reward is based on the long-term performance of their division and the Group and therefore aligned to shareholder interests. The awards are in line with FSA principles, deferred over the long-term and subject to clawback provisions.

Brian Hartzer: As compensation for incentives forfeited on leaving his previous employer Brian Hartzer has received an award over 4,814,467 ordinary shares on a conditional basis. These awards were split in two parts:

• Replacing those incentives due from his previous employer with no performance conditions outstanding, he has received an award over 1,988,843 ordinary shares of 25p each in RBS on a conditional basis, under The Royal Bank of Scotland Group plc 2009 Restricted Share Plan. The awards will vest between 31 October 2010 and 17 August 2011, to coincide with the original vesting dates of the awards he forfeited.  

• Replacing those incentives due from his previous employer with performance conditions outstanding he has received an award over 2,825,624 ordinary shares of 25p each in RBS, on a conditional basis, under The Royal Bank of Scotland Group plc 2009 Restricted Share Plan.  The amount of this award that he may eventually receive is subject to delivery against his divisional performance targets linked to the RBS Group Strategic Plan over a three year period. The date for any vesting under the award is 17 August 2012.

The total value of these awards to Mr Hartzer is highly conditional and will be determined by 3 factors: (1) the successful turnaround of RBS and the divisions for which Mr Hartzer is responsible over the next 3 years; (2) The level of success in doing so and (3) the price of RBS ordinary shares if and to the extent the awards vest.

Nathan Bostock: As part of his total compensation at RBS he has received awards on a conditional basis under the RBS long term incentive plans in line with those awarded to other Executive Committee members earlier this year:  

• Share options over 2,337,663 ordinary shares of 25p each in RBS on a conditional basis, under The Royal Bank of Scotland Group plc 2007 Executive Share Option Plan. The option price is £0.462. The amount of this award that he may eventually receive is subject to delivery against his divisional performance targets linked to the RBS Group Strategic Plan over a three year period. The date for any vesting under the award is 17 August 2012 and the exercise period will be from 17 August 2012 to 16 August 2019. 

• An award over 1,327,434 ordinary shares of 25p each in RBS, on a conditional basis, granted under The Royal Bank of Scotland Group plc 2001 Medium-term Performance Plan.  The award is in the form of a nil-cost share option. The amount of this award that he may eventually receive is subject to delivery against his divisional performance targets linked to the RBS Group Strategic Plan over a three year period. The date for any vesting under the award is 17 August 2012 and the exercise period will be from 17 August 2012 to 16 August 2019. 

The total value of these awards to Mr Bostock is highly conditional and will be determined by 3 factors: (1) the successful turnaround of RBS and the divisions for which Mr Bostock is responsible over the next 3 years; (2) The level of success in doing so and (3) the price of RBS ordinary shares if and to the extent the awards vest.

All of the above awards are subject to clawback provisions which allow the Remuneration Committee to consider a range of factors, such as whether results have been achieved with excessive risk, when determining the vesting outcome. 

• No additional cash consideration is payable for the grant of options or awards. 

• Date of Notification to RBS - 17 August 2009.

• This announcement is made in accordance with the requirements of DTR 3.1.4 R

Further Information

Neil Moorhouse

Group Media Relations

Tel: [phone]

 

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