REG - GlaxoSmithKline PLC - Director/PDMR Shareholding

GSKAnnouncement

28/07/2020 15:25

RNS Number : 3723U
  
GlaxoSmithKline PLC
  
28 July 2020
  
 

GlaxoSmithKline plc (the 'Company')
 
PDMR Transaction
On 19 February 2020, GSK announced the vesting of awards over Ordinary Shares on 17 February 2020 made to Persons Discharging Managerial Responsibilities ('PDMRs') in 2017 under the GlaxoSmithKline 2017 Performance Share Plan ('PSP'), with the exception of the Chief Executive Officer ('CEO'). It was announced at that time that the Remuneration Committee determined that the normal three-year vesting period for the award made to the CEO should end in July 2020 on the third anniversary of the award, and thereafter the additional two-year vesting period applicable to Executive Directors would apply to her award in accordance with the terms of the 2017 Remuneration Policy. This notification sets out the details of the CEO's 2017 PSP award which vested on 27 July 2020, the third anniversary of the award. These shares are now subject to an additional two-year vesting period.  
The same performance measure vesting details previously announced for the 2017 PSP awards apply to the CEO's PSP award and are set out below for ease of reference. The three-year performance period for the 2017 awards commenced on 1 January 2017 and ended on 31 December 2019. 




 


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 vesting level was £4.172bn. 


100


33.333




 


Total vesting for 2017 award
Lapsed


66.666%
33.334%




 
The notification that follows shows the number of shares which vested, including dividends accrued, on 27 July 2020. The balance of the award has lapsed. The closing price of Ordinary Shares of GlaxoSmithKline plc on 27 July 2020 was £15.834.
Transaction notification
 




1.


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




a)


Name


Ms E N Walmsley




b)


Position/status


Chief Executive Officer




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


Ordinary Shares of 25 pence each ('Ordinary Shares')
ISIN: GB0009252882




b)


Nature of the transaction


The number of Ordinary Shares vesting on awards granted in 2017 under the Company's 2017 Performance Share Plan.




c)


Price(s) and volume(s)


 


Price(s)


Volume(s)


 




 


£0.00


277,623


 




 


 


 


 




d)


Aggregated information
 


N/A (single transaction)




 
Aggregated volume Price


 




e)


Date of the transaction


2020-07-27




f)


Place of the transaction
 


N/A




 
 
 


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