Last checked at 19 Feb 2020 16:24
GlaxoSmithKline plc (the 'Company')
Vesting of Deferred Annual Bonus Plan Mandatory and Matching Awards
This notification sets out the vesting details for the Chief Executive Officer and other Persons Discharging Managerial Responsibilities ('PDMRs') of Deferred Bonus Awards over Ordinary Shares and American Depositary Shares ('ADSs') made in 2017 under the GlaxoSmithKline 2009 Deferred Annual Bonus Plan ('DABP') and the associated Matching Awards, which were subject to relevant business performance conditions. The three-year performance period for the 2017 Matching Awards commenced on 1 January 2017 and ended on 31 December 2019.
The performance measure vesting details for the DABP Matching Awards 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 notifications that follow are for awards made to the Chief Executive Officer and other PDMRs. They show the vesting of the Deferred Annual Bonus Awards including dividends accrued, and the proportion vesting in respect of the associated Matching Awards i.e. conditional awards that vested according to performance, including dividends accrued. The balance of the Matching Award made to each PDMR has lapsed.
The vesting date for awards over Ordinary Shares was 17 February 2020. The vesting date for awards over ADSs was 18 February 2020. The closing prices of Ordinary Shares and of ADSs of GlaxoSmithKline plc on their respective vesting dates were £16.616 and $43.55.
Transaction notification
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Ms E 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 released on awards granted in 2017 under the Company's 2009 Deferred Annual Bonus Plan - Deferred Bonus and Matching Awards. | |||
c) | Price(s) and volume(s) |
| Price(s) | Volume(s) |
|
| £0.00 | 37,221 (Deferred) |
| ||
| £0.00 | 24,815 (Matching) |
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d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price |
62,036 £0.00 | ||||
e) | Date of the transaction | 2020-02-17 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Mr R Connor | |||
b) | Position/status | President, Global Vaccines | |||
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 released on awards granted in 2017 under the Company's 2009 Deferred Annual Bonus Plan - Deferred Bonus and Matching Awards. | |||
c) | Price(s) and volume(s) |
| Price(s) | Volume(s) |
|
| £0.00 | 19,375 (Deferred) |
| ||
| £0.00 | 12,917 (Matching) |
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d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price |
32,292 £0.00 | ||||
e) | Date of the transaction | 2020-02-17 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Mr N Hirons | |||
b) | Position/status | SVP, Global Ethics and Compliance | |||
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 released on awards granted in 2017 under the Company's 2009 Deferred Annual Bonus Plan - Deferred Bonus and Matching Awards. | |||
c) | Price(s) and volume(s) |
| Price(s) | Volume(s) |
|
| £0.00 | 12,243 (Deferred) |
| ||
| £0.00 | 8,163 (Matching) |
| ||
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|
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d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price |
20,406 £0.00 | ||||
e) | Date of the transaction | 2020-02-17 | |||
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 number of ADSs released on awards granted in 2017 under the Company's 2009 Deferred Annual Bonus Plan - Deferred Bonus and Matching Awards. | |||
c) | Price(s) and volume(s) |
| Price(s) | Volume(s) |
|
| $0.00 | 7,116 (Deferred) |
| ||
| $0.00 | 4,745 (Matching) |
| ||
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|
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d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price |
11,861 $0.00 | ||||
e) | Date of the transaction | 2020-02-18 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Mr D Redfern | |||
b) | Position/status | Chief Strategy 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 released on awards granted in 2017 under the Company's 2009 Deferred Annual Bonus Plan - Deferred Bonus and Matching Awards. | |||
c) | Price(s) and volume(s) |
| Price(s) | Volume(s) |
|
| £0.00. | 15,407 (Deferred) |
| ||
| £0.00 | 10,273 (Matching) |
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d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price |
25,680 £0.00 | ||||
e) | Date of the transaction | 2020-02-17 | |||
f) | Place of the transaction
| N/A | |||
1. | Details of PDMR/person closely associated with them ('PCA') | ||||
a) | Name | Mr P Thomson | |||
b) | Position/status | President, Global Affairs | |||
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 released on awards granted in 2017 under the Company's 2009 Deferred Annual Bonus Plan - Deferred Bonus and Matching Awards. | |||
c) | Price(s) and volume(s) |
| Price(s) | Volume(s) |
|
| £0.00 | 7,302 (Deferred) |
| ||
| £0.00 | 4,869 (Matching) |
| ||
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|
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d) | Aggregated information
| N/A (single transaction) | |||
Aggregated volume Price |
12,171 £0.00 | ||||
e) | Date of the transaction | 2020-02-17 | |||
f) | Place of the transaction
| N/A | |||