RNS Number : 6195N

Next PLC

30 September 2021

30 September 2021

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 30 September 2021 under the Next Long Term Incentive Plan (the "LTIP"):

                                 Maximum No. of 
 Lord Wolfson of Aspley Guise            11,615 
 Amanda James                             7,073 
 Richard Papp                             6,856 
 Jane Shields                             6,856 

Under the terms of each 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% 

-- 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 underlying financial performance of the Company;

   --    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 period of two further years.

LTIP awards are made twice a year. The maximum number of shares shown above is 112.5% of each 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 following notification made under article 19.1 of the UK Market Abuse Regulation ("MAR") related to awards granted to executive directors on 30 September 2021 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 
      ---------------------------------------  ----------------------------------------------- 
 b)    Initial notification                     Initial notification 
      ---------------------------------------  ----------------------------------------------- 
 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 - 
                                                      2. Amanda James - 7,073 
                                                      3. Richard Papp - 6,856 
                                                      4. Jane Shields - 6,856 
      ---------------------------------------  ----------------------------------------------- 
 c)    Price(s) and volume(s) 
                                                ---------------------  --------------------- 
                                                 Price(s)               Volume(s) 
                                                ---------------------  --------------------- 
  Lord Wolfson of Aspley 
   Guise                                     Nil                                      11,615 
                                            -------------------------  --------------------- 
  Amanda James                               Nil                                       7,073 
                                            -------------------------  --------------------- 
  Richard Papp                               Nil                                       6,856 
                                            -------------------------  --------------------- 
  Jane Shields                               Nil                                       6,856 
                                            -------------------------  --------------------- 
 d)    Aggregated information 
  - Aggregated volume                      n/a single transactions 
  - Price                                  n/a 
 e)    Date of the transaction                  30 September 2021 
 f)    Place of the transaction                 Outside a trading venue 
      ---------------------------------------  ----------------------------------------------- 

Seonna Anderson

Company Secretary

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September 30, 2021 11:38 ET (15:38 GMT)

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