REG - GlaxoSmithKline PLC - Director/PDMR Shareholding

GSKAnnouncement

18/03/2020 12:25

RNS Number : 6474G
  
GlaxoSmithKline PLC
  
18 March 2020
  
 

GlaxoSmithKline plc (the 'Company')
Vesting of Deferred Annual Bonus Plan Mandatory and Matching Awards
As announced on 19 February 2020, awards made to the Chief Executive Officer and other Persons Discharging Managerial Responsibilities ('PDMRs') under the GlaxoSmithKline 2009 Deferred Annual Bonus Plan ('DABP') and the associated Matching Awards, vested on 17 and 18 February 2020. These awards were made on a pre-tax basis. The Matching Awards were subject to the achievement of relevant business performance measures over a three-year performance period beginning on 1 January 2017 and ending on 31 December 2019.
The notifications that follow relate to a PDMR who elected to participate in the DABP in respect of his deferred bonus amount on a post-tax basis. The awards were made over American Depositary Shares ('ADSs'). The first notification shows the vesting of the deferred bonus amount (Co-Investment shares), including dividends accrued, and the proportion of the Matching Award, including dividends accrued, which vested subject to the achievement of relevant business performance measures. The second notification shows the proportion of the vested Matching Award which was withheld for tax. The performance measure vesting details for the DABP Matching Award are as follows:



 


Outcome and Vesting Level




Portion of the Award


Measure and Outcome


% of maximum


% of award




1/3rd


Adjusted Free Cash Flow - For the three-year period, the Company achieved Adjusted Free Cash Flow calculated in accordance with the principles for the measure of £13bn, which is above the level of £12.95bn required for maximum vesting. 
Adjustments to the original target and vesting schedule were communicated in the 2018 Annual Report.


100


33.333




1/3rd


Total Shareholder Return - For the three years ending 31 December 2019, the Company's Total Shareholder Return ranked 8th, which is below the threshold vesting level against a comparator group of 10 global pharmaceutical companies including GSK.


0


0




1/3rd


R&D New Products - For the three-year period, the Company achieved New Product sales calculated in accordance with the principles for the measure of £7.254bn, which is above the level of £5.099bn required for maximum vesting.  The threshold level was £4.172bn. 


100


33.333




 


Total vesting for 2017 award
Lapsed


66.666%
33.334%



 
The vesting date was 16 March 2020 and the closing price of an ADS on that date was $33.67.
 
Transaction notification



1.


Details of PDMR/person closely associated with them ('PCA')




a)


Name


Mr B McNamara




b)


Position/status


CEO, GSK Consumer Healthcare




c)


Initial notification/
Amendment


Initial notification




2. 


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor




a)


Name 


GlaxoSmithKline plc




b)


LEI


5493000HZTVUYLO1D793




3.


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 transaction(s) has been conducted




a)


Description of the financial instrument


American Depositary Shares ('ADSs')
 
ISIN: US37733W1053




b)


Nature of the transaction


The number of ADSs released on an award granted in 2017 under the Company's 2009 Deferred Annual Bonus Plan - Deferred Bonus (Co-investment shares) and Matching Award (post-tax).




c)


Price(s) and volume(s)






Price(s)


Volume(s)












$0.00


2,391.955 (Co-investment shares)












$0.00


1,614 (Matching Award)


























d)


Aggregated information
 








 
Aggregated volume Price


 
4,005.955
$0.00                                                                                         




e)


Date of the transaction


2020-03-16




f)


Place of the transaction
 


N/A



 
 



1.


Details of PDMR/person closely associated with them ('PCA')




a)


Name


Mr B McNamara




b)


Position/status


CEO, GSK Consumer Healthcare




c)


Initial notification/
Amendment


Initial notification




2. 


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor




a)


Name 


GlaxoSmithKline plc




b)


LEI


5493000HZTVUYLO1D793




3.


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 transaction(s) has been conducted




a)


Description of the financial instrument


American Depositary Shares ('ADSs')
 
ISIN: US37733W1053




b)


Nature of the transaction


The sale of ADSs to meet tax liabilities on the vesting of the Matching Award under the Company's 2009 Deferred Annual Bonus Plan.




c)


Price(s) and volume(s)






Price(s)


Volume(s)












$33.42


825


























d)


Aggregated information
 


N/A (single transaction)




 
Aggregated volume Price


 
                       




e)


Date of the transaction


2020-03-16




f)


Place of the transaction
 


New York Stock Exchange (XNYS)



 


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