Director/PDMR Shareholding

RNS Number : 4591A

Reckitt Benckiser Group PLC

01 June 2021

 

1 June 2021

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 28 May 2021, the grant of performance share options and performance share awards ("2021 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
Jeff Carr	Director and PDMR	80,000	40,000
Volker Kuhn	PDMR	50,000	25,000
Aditya Sehgal	PDMR	50,000	25,000
Kris Licht	PDMR	50,000	25,000

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 2023 are satisfied in full. 

At the time of publication of the 2020 Annual Report the Remuneration Committee had not finalised the targets for the 2021 LTIP awards and committed to disclosing targets when the awards were made.  As set out in the 2020 Annual Report, the performance measures and weightings are unchanged from last year; the definitions of the measures are set out on page 149 of the 2020 Annual Report.  

The targets that will apply to the 2021 LTIP awards for the 2021-2023 performance period are set out below. 

Performance Condition	Proportion of 2021 Award subject to Performance Condition	Target to achieve threshold (20%) vesting	Target to achieve maximum (100%) vesting
Like-for-like Net Revenue growth  (3-year CAGR)	50%	1%	5%
ROCE (final year)	25%	12.3%	14.0%
EPS (final year) on a constant foreign exchange basis	12.5%	327 pence	401 pence
EPS (final year) on an actual foreign exchange basis	12.5%	308 pence	379 pence

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 64.67 per share. No consideration was paid for the grant of these awards.

Vesting of share awards

On 28 May 2021, a time-vested share award granted to Kris Licht on 4 November 2019 under the Reckitt Benckiser Group plc 2015 Long Term Incentive Plan vested.

4,578 Shares were sold on 28 May 2021 at 63.52 per Share to realise sufficient funds to settle resultant tax and social security liabilities arising from the vesting.

Also on 28 May 2021, a time-vested share award granted to Volker Kuhn on 3 August 2020 under the Reckitt Benckiser Group plc 2015 Long Term Incentive Plan vested.

382 Shares were sold on 28 May 2021 at 63.52 per Share to realise sufficient funds to settle resultant tax and social security liabilities arising from the vesting.

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)	Price(s) Volume(s) Nil 150,000
d)	Aggregated information -  Aggregated volume -  Price	Aggregate Price Aggregate Volume Aggregate Total Nil 150,000 Nil
e)	Date of the transaction	2021-05-28
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)	Price(s) Volume(s) Nil 75,000
d)	Aggregated information -  Aggregated volume -  Price	Aggregate Price Aggregate Volume Aggregate Total Nil 75,000 Nil
e)	Date of the transaction	2021-05-28
f)	Place of the transaction	Outside a trading venue

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)	Price(s) Volume(s) Nil 80,000
d)	Aggregated information -  Aggregated volume -  Price	Aggregate Price Aggregate Volume Aggregate Total Nil 80,000 Nil
e)	Date of the transaction	2021-05-28
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)	Price(s) Volume(s) Nil 40,000
d)	Aggregated information - Aggregated volume - Price	Aggregate Price Aggregate Volume Aggregate Total Nil 40,000 Nil
e)	Date of the transaction	2021-05-28
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)	Price(s) Volume(s) Nil 50,000
d)	Aggregated information -  Aggregated volume -  Price	Aggregate Price Aggregate Volume Aggregate Total Nil 50,000 Nil
e)	Date of the transaction	2021-05-28
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)	Price(s) Volume(s) Nil 25,000
d)	Aggregated information -  Aggregated volume -  Price	Aggregate Price Aggregate Volume Aggregate Total Nil 25,000 Nil
e)	Date of the transaction	2021-05-28
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
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 8,733
d)	Aggregated information -  Aggregated  volume -  Price	Aggregate Price Aggregate Volume Aggregate Total Nil 8,733 Nil
e)	Date of the transaction	2021-05-28
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)	Price(s) Volume(s) £63.52 4,578
d)	Aggregated information -  Aggregated volume -  Price	Aggregate Price Aggregate Volume Aggregate Total £63.52 4,578 £290,794.56
e)	Date of the transaction	2021-05-28
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)	Price(s) Volume(s) Nil 50,000
d)	Aggregated information -  Aggregated volume -  Price	Aggregate Price Aggregate Volume Aggregate Total Nil 50,000 Nil
e)	Date of the transaction	2021-05-28
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 Pla
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 25,000
d)	Aggregated information -  Aggregated volume -  Price	Aggregate Price Aggregate Volume Aggregate Total Nil 25,000 Nil
e)	Date of the transaction	2021-05-28
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
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 19,000
d)	Aggregated information -  Aggregated  volume -  Price	Aggregate Price Aggregate Volume Aggregate Total Nil 19,000 Nil
e)	Date of the transaction	2021-05-28
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)	Price(s) Volume(s) £63.52 382
d)	Aggregated information -  Aggregated volume -  Price	Aggregate Price Aggregate Volume Aggregate Total £63.52 382 £24,264.64
e)	Date of the transaction	2021-05-28
f)	Place of the transaction	London Stock Exchange, Main Market - XLON

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Aditya Sehgal
2	Reason for the notification
a)	Position/status	President Nutrition, eRB & Greater China
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)	Price(s) Volume(s) Nil 50,000
d)	Aggregated information -  Aggregated volume -  Price	Aggregate Price Aggregate Volume Aggregate Total Nil 50,000 Nil
e)	Date of the transaction	2021-05-28
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)	Price(s) Volume(s) Nil 25,000
d)	Aggregated information -  Aggregated volume -  Price	Aggregate Price Aggregate Volume Aggregate Total Nil 25,000 Nil
e)	Date of the transaction	2021-05-28
f)	Place of the transaction	Outside a trading venue

For further Information:
Rupert Bondy

Company Secretary

Tel [phone]

Sandra Azevedo-Moura

Investor Relations Director

Tel. [phone]

Reckitt Benckiser Group plc's LEI code is 5493003JFSMOJG48V108

 

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