Last checked at 23 May 2022 17:28
23 May 2022
RECKITT BENCKISER GROUP PLC
DIRECTOR/PDMR SHAREHOLDING
Reckitt Benckiser Group plc (the "Company" or "Reckitt") announces the following changes in the interests of Directors and Persons Discharging Managerial Responsibility ("PDMR") in ordinary shares of 10 pence each in the share capital of the Company ("Shares").
2015 Long Term Incentive Plan ("LTIP")
Grant of Performance Share Options and Performance Share Awards
On 20 May 2022, the grant of performance share options and performance share awards ("2022 LTIP awards") were made under the LTIP to the Directors and PDMRs listed below:
Name | Director/PDMR | Number of performance share options | Number of performance shares |
Laxman Narasimhan | Director and PDMR | 150,000 | 75,000
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Jeff Carr | Director and PDMR | 80,000 | 40,000
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Volker Kuhn | PDMR | 80,000 | 40,000
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Kris Licht | PDMR | 80,000 | 40,000
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The number of performance share options and performance share awards shown is the maximum available if the stretching performance conditions for the three-year performance period ending on 31 December 2024 are satisfied in full.
The targets that will apply to the 2022 LTIP awards for the 2022-2024 performance period are set out below.
Performance Condition | Threshold* | Maximum* | Proportion of award |
(20% vesting) | (100% vesting) | ||
Net Revenue (NR) Growth - measured on a like-for-like (LFL) compound annual growth basis (CAGR) over three years | 2.0% | 5.0% | 40% |
Return on Capital Employed (ROCE) - measured in the final year of performance | 13.2% | 15.2% | 25% |
Relative Total Shareholder Return (relative TSR) - measured against a group of 19 peer companies over three years | Median | Upper quartile | 25% |
% of net revenue from more sustainable products - measured in the final year of performance | 30% | 33% | 5% |
% reduction in Greenhouse Gas (GHG) emissions in operations - measured in the final year of performance | 65% | 69% | 5% |
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Vesting between achievement of threshold and maximum performance is on a straight-line basis. In addition to the above performance conditions, before determining the final vesting level, the Remuneration Committee will continue to take a broader assessment of performance in the round and has an overriding discretion to adjust vesting outcomes where, acting fairly and reasonably, it considers the formulaic outcome to be inappropriate.
In line with the Directors' Remuneration Policy, for Executive Directors there is a further two-year holding period commencing after the end of the performance period.
Performance share options will be exercisable at £63.32 per share. No consideration was paid for the grant of these awards.
Vesting of share awards
A performance share award of 75,000 shares granted to Laxman Narasimhan under the Reckitt Benckiser Group plc 2015 Long Term Incentive Plan on 5 August 2019 vested on 20 May 2022 at 21.5%. This resulted in 16,125 shares vesting. 7,713 shares were sold on 20 May 2022 at £62.137851 per share to realise sufficient funds to settle resultant tax and social security liabilities arising from the vesting. Following this, 8,412 shares were retained and are subject to a holding period of 2 years after the end of the performance period.
A time-vested share award of 8,733 shares granted to Kris Licht on 4 November 2019 under the Reckitt Benckiser Group plc 2015 Long Term Incentive Plan vested on 20 May 2022. 4,339 shares were sold on 20 May 2022 at £62.137851 per Share to realise sufficient funds to settle resultant tax and social security liabilities arising from the vesting. Following this, 4,394 shares were retained.
Also, a time-vested share award of 13,300 granted to Volker Kuhn on 3 August 2020 under the Reckitt Benckiser Group plc 2015 Long Term Incentive Plan vested on 20 May 2022. 1,479 shares were sold on 20 May 2022 at £62.137851 per share to realise sufficient funds to settle resultant tax and social security liabilities arising from the vesting. Following this, 11,821 shares were retained.
The following notifications are made in accordance with DTR 3.1.2-A, incorporating article 19(1) of the Market Abuse Regulation.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM |
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Laxman Narasimhan | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | Chief Executive Officer | ||||||
b) | Initial notification/Amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Reckitt Benckiser Group plc | ||||||
b) | LEI | 5493003JFSMOJG48V108 | ||||||
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 Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of share options for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan | ||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume- Price |
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e) | Date of the transaction | 2022-05-20 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
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 Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of performance share awards for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
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c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
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e) | Date of the transaction | 2022-05-20 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
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 Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Vesting/release of share awards granted on 5 August 2019 under the Reckitt Benckiser Group plc 2015 Long Term Incentive Plan | ||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
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e) | Date of the transaction | 2022-05-20 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
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 Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Sale of shares to settle tax liabilities arising from conditional share award releases | ||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
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e) | Date of the transaction | 2022-05-20 | ||||||
f) | Place of the transaction | London Stock Exchange, Main Market - XLON | ||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Jeff Carr | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | Chief Financial Officer | ||||||
b) | Initial notification/Amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Reckitt Benckiser Group plc | ||||||
b) | LEI | 5493003JFSMOJG48V108 | ||||||
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 Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of share options for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan | ||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
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e) | Date of the transaction | 2022-05-20 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
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 Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of performance share awards for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
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c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
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e) | Date of the transaction | 2022-05-20 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Kris Licht | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | President Health & Chief Customer Officer | ||||||
b) | Initial notification/Amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Reckitt Benckiser Group plc | ||||||
b) | LEI | 5493003JFSMOJG48V108 | ||||||
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 Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of share options for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan | ||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
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e) | Date of the transaction | 2022-05-20 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
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 Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of performance share awards for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
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c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
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e) | Date of the transaction | 2022-05-20 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
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 Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Vesting/release of share awards granted on 4 November 2019 under the Reckitt Benckiser Group plc 2015 Long Term Incentive Plan
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c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
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e) | Date of the transaction | 2022-05-20 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
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 Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Sale of shares to settle tax liabilities arising from conditional share award releases | ||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
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e) | Date of the transaction | 2022-05-20 | ||||||
f) | Place of the transaction | London Stock Exchange, Main Market - XLON | ||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Volker Kuhn | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | President Hygiene | ||||||
b) | Initial notification/Amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Reckitt Benckiser Group plc | ||||||
b) | LEI | 5493003JFSMOJG48V108 | ||||||
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 Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of share options for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan | ||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
| ||||||
e) | Date of the transaction | 2022-05-20 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
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 Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of performance share awards for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
| ||||||
e) | Date of the transaction | 2022-05-20 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
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 Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Vesting/release of share awards granted on 3 August 2020 under the Reckitt Benckiser Group plc 2015 Long Term Incentive Plan
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c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
| ||||||
e) | Date of the transaction | 2022-05-20 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
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 Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Sale of shares to settle tax liabilities arising from conditional share award releases | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
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e) | Date of the transaction | 2022-05-20 | ||||||
f) | Place of the transaction | London Stock Exchange, Main Market - XLON | ||||||
For further Information: Catheryn O'Rourke
Company Secretary
Tel +44 (0)1753 217 800
Richard Joyce
Investor Relations Director
Tel +44 (0) 7408 812 062
Reckitt Benckiser Group plc's LEI code is 5493003JFSMOJG48V108