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10 Oct 2022 16:45
10 October 2022
Haleon plc
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
On 6 October 2022, Haleon made awards under the 2022 Performance Share Plan (PSP) to its Executive Directors as follows:
Role | Name | Number of Shares | Plan | Share type |
Chief Executive Officer | Brian McNamara | 2,049,305 | PSP | ORD |
Chief Financial Officer | Tobias Hestler | 892,587 | PSP | ORD |
The awards are in respect of the 2022 - 2024 performance period and will vest following the announcement of the FY 2024 results. A two-year post-vesting holding period will apply to these awards.
The following PSP performance measures and target ranges were adopted for the 2022 - 2024 performance period:
Measure | Weighting | Target ranges | |
Threshold (25% vesting) | Maximum (100% vesting) | ||
Cumulative Free Cash Flow (Measured on a cumulative basis over the performance period FY 22, 23, 24) | 50% | £4.557bn | £5.557bn |
Net Debt / Adjusted EBITDA (Measured as a ratio at year end 2024) | 50% | 3.0x | 2.4x |
In addition, when determining the level of vesting of the 2022 PSP awards, the Remuneration Committee will apply an ESG qualifier which will include the Company's performance against milestones across carbon reduction, recycle-ready packaging and diversity. If performance against those milestones is not achieved, vesting levels may be reduced. Details of performance against each of the thresholds and level of reduction applied by the Remuneration Committee, if applicable, will be fully disclosed in the 2024 Directors' Remuneration Report.
For completeness, the following Annual Incentive Plan (AIP) performance measures were adopted for the one-year period ending on 31 December 2022:
• Organic Sales Growth (60% weighting);
• Adjusted Operating Profit (20% weighting); and
• Individual Business Objectives (20% weighting).
Executive Directors are required to defer 50 per cent. of any AIP earned into an award over shares which normally vest on the third anniversary of grant.
Full details of the performance targets for the 2022 AIP and 2022 PSP awards will be disclosed in the 2022 Directors' Remuneration Report, which will be published in H1 2023.
Amanda Mellor
Company Secretary
***
Notification and Public Disclosure in accordance with the requirements of The UK Market Abuse Regulation of Transactions by Persons Discharging Managerial Responsibilities ("PDMR") and Persons Closely Associated with them.
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Brian McNamara | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Executive Officer - Person Discharging Managerial Responsibilities | |||
b)
| Initial notification /Amendment | Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a)
| Name
| Haleon plc | |||
b)
| LEI
| 549300PSB3WWEODCUP19 | |||
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 financial instrument, type of instrument |
Haleon plc Ordinary shares | |||
Identification code | GB00BMX86B70 | ||||
b)
| Nature of the transaction
| Grant of a conditional award under the Haleon plc Performance Share Plan | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Nil | 2,049,305 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 2,049,305 | ||||
- Price | N/A | ||||
e)
| Date of the transaction
| 6 October 2022 | |||
f)
| Place of the transaction
| London Stock Exchange | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Tobias Hestler | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Financial Officer - Person Discharging Managerial Responsibilities | |||
b)
| Initial notification /Amendment
| Initial Notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Haleon plc | |||
b)
| LEI
| 549300PSB3WWEODCUP19 | |||
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 financial instrument, type of instrument |
Haleon plc Ordinary shares | |||
Identification code | GB00BMX86B70 | ||||
b)
| Nature of the transaction
| Grant of a conditional award under the Haleon plc Performance Share Plan | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Nil | 892,587 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 892,587 | ||||
- Price | N/A | ||||
e)
| Date of the transaction
| 6 October 2022 | |||
f)
| Place of the transaction
| London Stock Exchange | |||
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